...February 5, 2024 NEW YORK(S&P Global Ratings) Feb. 5, 2024--S&P Global Ratings today assigned its '###+' issue-level rating to Seattle-based specialty coffee retailer Starbucks Corp.'s proposed senior unsecured notes. We expect this transaction will be roughly leverage neutral because the company will use the majority of the proceeds to replace its recently matured notes and those maturing in the coming months. We also expect it will use any remaining proceeds for general corporate purposes. All of our other ratings on Starbucks, including our '###+' issuer credit rating and stable outlook, are unchanged. The company's leverage, pro forma for the transaction, was approximately 2.4x as of the quarter ended Oct. 1, 2023. We continue to expect Starbucks will operate with leverage of below 3.0x. Last week, the company reported its earnings and indicated it experienced softer-than-expected demand, which led management to lower their fiscal-year 2024 revenue growth expectations to 7%-10% from...
