Starbucks Senior Unsecured Debt Rating Upgraded by Moody’s Investor Service To A3; Short-Term Commercial Paper Rating Affir...
May 30 2014 - 2:59PM
Business Wire
Starbucks Corporation (NASDAQ:SBUX) senior unsecured debt rating
has been upgraded to A3 with a stable outlook by Moody's Investors
Service. The upgrade affects the company’s nearly $2.1 billion
senior unsecured bonds. Moody’s also affirmed the company’s
short-term commercial paper rating at P-2. Starbucks had held a
Baa1 rating with a stable outlook since November 25, 2013.
Scott Maw, chief financial officer, commented, “This A3 rating
demonstrates the ability of our partners (employees) to drive
earnings growth through strong operational performance and
exceptional service, which enables us to consistently generate
solid cash flow and maintain ample liquidity. Our objective is to
further build equity in the Starbucks brand globally through
innovation and an enhanced customer experience, while maintaining
discipline and focus on improving efficiencies.”
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with stores around the globe, the company is the premier roaster
and retailer of specialty coffee in the world. Through our
unwavering commitment to excellence and our guiding principles, we
bring the unique Starbucks Experience to life for every customer
through every cup. To share in the experience, please visit us in
our stores or online at www.starbucks.com.
Forward-Looking
Statements
This release contains forward-looking statements relating to
certain company initiatives, strategies and plans, as well as
trends in or expectations regarding our earnings growth, cash
flows, liquidity, brand equity, efficiencies, dividends and share
repurchases, balance sheet, and investments in our partners
(employees) and in the growth of our business. These
forward-looking statements are based on currently available
operating, financial and competitive information and are subject to
a number of significant risks and uncertainties. Actual future
results may differ materially depending on a variety of factors
including, but not limited to, coffee, dairy and other raw material
prices and availability, costs associated with, and the successful
execution of, the company's initiatives, strategies and plans, the
acceptance of the company's products by our customers, fluctuations
in U.S. and international economies and currencies, the impact of
competition, the effect of legal proceedings, and other risks
detailed in the company filings with the Securities and Exchange
Commission, including the “Risk Factors” section of Starbucks
Annual Report on Form 10-K for the fiscal year ended
September 29, 2013. The company assumes no obligation to
update any of these forward-looking statements.
Starbucks CorporationInvestor Relations:JoAnn
DeGrande,
206-318-7118investorrelations@starbucks.comorMedia:Jim
Olson, 206-318-7100press@starbucks.com
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