The ratings are based on Seattle-based Starbucks Corp.'s 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. Credit metrics that are slightly below average for the rating category temper these strengths. Starbucks is a global retailer of specialty coffee, with more than 16,500 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 more than 40 countries. Competition in the specialty coffee retailer market is fragmented and consists primarily of independent operators, including restaurants, donut stores, and coffee
