Top positions in its core global markets. Good geographic diversification. Continued solid operating performance despite global economic and foreign exchange headwinds. Operates within highly competitive athletic footwear and apparel industry. Continues to maintain very strong credit metrics. Consistently good cash flow generation. Conservative financial policy, but there is significant influence by the company's co-founder. Exceptional liquidity position. Our rating outlook on NIKE is stable. We expect NIKE's credit measures to remain very strong while supporting the company's ongoing growth initiatives. Additionally, we believe NIKE's operating performance will be relatively stable, given the company's strong global business position, despite a still-uncertain discretionary consumer spending environment. To maintain a stable outlook, we will look for leverage to remain below the mid- to
