Moody's raises Starbucks to A3

Moody's Investors Service said it upgraded Starbucks Corp.'s senior unsecured ratings to A3 from Baa1.

The short-term commercial paper rating was affirmed at P-2.

The outlook is stable.

Moody's said the upgrade reflects its expectation that Starbucks strategic initiatives will continue to drive strong operating performance and positive same store sales that in turn will generate stronger earnings, cash flows and credit metrics.

The A3 rating reflects Starbucks' global brand strength, dominant position in the U.S. specialty coffee segment, global diversification, meaningful scale, solid credit metrics and strong liquidity.

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