Pereira, João PedroGrabner, Simon2019-06-242019-06-242019-01-24http://hdl.handle.net/10362/73497In 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.engS&P globalRatingsLululemonCredit riskmaster thesis202226425