The ratings on Beaverton, Ore.-based NIKE Inc. reflect its leading global position in sales of athletic footwear and apparel, geographic and customer diversification, and a strong financial profile. In our view, these strengths are offset by the company's exposure to changing consumer preferences in this very competitive and marketing-intensive industry. NIKE is the largest seller of athletic footwear, and athletic apparel in the world. The company has maintained its brand strength, and its market position remains significantly more than twice that of its nearest competitor. Standard&Poor's Ratings Services believes that competition in this segment will continue to be intense from the adidas Group as well as from smaller domestic and international players. However, in our opinion, given NIKE's
