SEATTLE--(BUSINESS WIRE)--May 30, 2014--
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.
Source: Starbucks Corporation
Starbucks Corporation
Investor Relations:
JoAnn
DeGrande, 206-318-7118
investorrelations@starbucks.com
or
Media:
Jim
Olson, 206-318-7100
press@starbucks.com