The ratings are based on 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 strong cash flow generation. Credit metrics that are below average for the rating temper these strengths. Starbucks is a global retailer of specialty coffee, with more than 16,875 locations in the U.S. and internationally as of Dec. 28, 2008. 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 45 countries. Competition in the specialty coffee retailer market is fragmented and consists primarily of independent operators, including restaurants, donut stores, and coffee shops. However,
