The ratings on Starbucks reflect its strong performance and our expectation for solid growth over the intermediate term. We expect the company to consistently generate good cash flows and at least maintain its existing credit measures. Starbucks' "strong" (as our criteria define the term) business profile reflects its leading market position and excellent brand recognition in the specialty coffee market. Although Starbucks' recent performance has been solid, we view the specialty coffee segment of the retail industry as vulnerable to economic downturns and a drop in discretionary spending. This was the case in 2008-2009, when operations weakened during the recession. In addition, the industry is becoming increasingly competitive as many players introduce better-quality products. Still, we expect Starbucks' continuous product
