Fitch Rates Starbucks' $3B Issuance 'BBB+'; Outlook Stable
08 AUG 2018 10:51 AM ET
Fitch Ratings-Chicago-08 August 2018: Fitch Ratings has assigned a 'BBB+' rating to Starbucks Corporation's $3 billion multi-tranche issuance of seven-year, 10-year and 30-year senior unsecured notes. Proceeds will be used to fund capital return initiatives, including the repurchase of common stock, dividends, and for other general corporate purposes, including business expansion or the financing of possible acquisitions. At July 1, 2018, Starbucks had approximately $6.4 billion of total debt. A full list of Starbucks' ratings is at the end of this release. The Rating Outlook is Stable.
The notes will be issued under Starbucks' Sept. 15, 2016 indenture and will rank equally with existing senior unsecured debt. Terms include a change of control triggering event provision.