SEATTLE Starbucks Corp.’s credit rating was downgraded late Wednesday by ratings agency Moody’s Investor Services because of the coffeehouse company’s weaker performance and increased competitive pressures. New York-based Moody’s lowered the rating of Starbucks’ $550 million senior unsecured notes one notch to Baa3, from Baa2. It also lowered the company’s short-term commercial paper rating. A general Baa rating is one that holds “moderate credit risk,” according to Moody’s, and the ...

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