Starbucks Senior Unsecured Debt Rating Upgraded by Moody's Investor Service To A3; Short-Term Commercial Paper Rating Affirmed at P-2

Starbucks Corporation

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.”