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 generates good cash flow. Maintains cash balances in excess of debt levels. Our rating outlook on NIKE is stable. We expect NIKE's credit measures to remain very strong and support 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 and history of successful product launches, despite a still-weak (albeit improving), discretionary consumer spending environment. We expect the company to maintain a debt-to-EBITDA leverage ratio in the low-to mid-1x area
