DALLAS (S&P Global Ratings) May 6, 2025--S&P Global Ratings today assigned its 'BBB+' issue-level rating to Starbucks Corp.'s (BBB+/Negative/A-2) proposed senior unsecured notes. The company intends to use the net proceeds to repay at maturity all of its $1.25 billion senior unsecured notes due August 15, 2025, and for general corporate purposes. Starbucks Corp.'s second-quarter results are in line with our projection for weak operating performance and elevated leverage in fiscal 2025. In the second quarter of fiscal 2025 ended March 30, 2025, Starbucks' global comparable store sales declined 1% due to a 2% decline in comparable transactions, partially offset by a 1% increase in average ticket. This follows a first quarter comparable store sales decline of 4% due to
