The ratings on Beaverton, Ore.-based NIKE Inc. reflect the company's very strong financial profile, top market positions in its core global markets, and good geographic diversification. However, Standard&Poor's Ratings Services believes these strengths are offset by the company's exposure to changing consumer preferences in the very competitive and marketing-intensive athletic footwear and apparel 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. We believe 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,
