The ratings on Beaverton, Ore.-based NIKE Inc. reflect Standard&Poor's Ratings Services' view that the company's business risk profile (as defined by our criteria) continues to be "strong," with top market positions in its core global markets, good geographic diversification, and solid operating performance through the recent recession. In addition, we continue to consider NIKE's financial risk profile to be "modest" because of its strong credit metrics and exceptional liquidity position. We believe NIKE's market position will remain strong. It is the world's largest seller of athletic footwear and athletic apparel. The company's market share within its athletic footwear categories is more than twice that of its nearest competitor. While intense competition from adidas Group and from smaller domestic
