Starbucks to donate $100,000 to refugees

Starbucks announced this week that it would donate a total of US$100,000 to three non-profit organisations supporting refugees throughout Europe. “Over these last few months I have watched with a very heavy heart as refugees from any number of war-torn countries arrive here in Europe – almost all with no place to go, no family, and very little money or belongings,” said Kris Engskov, President Starbucks EMEA. The Starbucks Foundation will donate US$75,000 to Save the Children, US$20,000 to Aktion Deutschland Hilft and US$15,000 to Caritas. “We believe that donating funds directly to these organisations is the best way for us to support expert relief providers, enabling them to allocate resources where they are most needed.  And, with great urgency,” said Engskov. The announcement came days before Moody’s Investors Service decision to upgrade Starbucks senior unsecured ratings to A2 from A3, short-term commercial paper rating to Prime-1 from Prime-2, and senior unsecured shelf to A2 from A3, demonstrating its confidence in the company’s future outlook. “Starbucks measured growth strategy, product pipeline, digital initiatives and balanced financial policy will continue to drive operating earnings, credit metrics, liquidity and scale that is more reflective of an A2 rating,” said Moody's Senior Credit Officer Bill Fahy. Moody's Investors Service provides international financial research on bonds issued by commercial and government entities. Along with Standard & Poor's and Fitch Group, Moody’s is considered one of the Big Three credit rating agencies.