The ratings on Seattle, Wash.-based Starbucks Corp. are based on its leading market position and excellent brand recognition in the specialty coffee market in the U.S., as well as a history of good operating performance and strong cash flow generation. Starbucks is a global retailer of specialty coffee, with nearly 14,400 locations in the U.S. and internationally. The company is the dominant player in the specialty coffee retailing market, with a national presence in the U.S. and growing international operations that currently encompass 41 countries. Competition in the specialty coffee retailer market is fragmented and consists primarily of independent operators, including restaurants, donut stores, and coffee shops. However, competition is increasing, with companies in the quick-service sector recently entering the
