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S&P global ratings’ issuer credit rating process applied on the case of Lululemon Athletica, inc.
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In the course of my summer internship with S&P Global Ratings, I formed part of a team to establish a mock credit rating on a real, non-rated corporation, including a fictional debt issuance scenario. The company is Canadian retailer Lululemon. This work project is structured around S&P’s corporate methodology and documents the rating process we followed during our assessment. Further, it aims at providing rationales behind S&P’ ratings criteria, as well as our own assessments in the course of analyzing the business of Lululemon and its industry, as well as macroeconomic factors. I establish that the firm has a creditworthiness equivalent to BB+ rated entities, stemming primarily from strong financials that are partly offset by substantial business and industry risk.
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S&P global Ratings Lululemon Credit risk