The outbreak of COVID-19 caused many enterprises’ operating income plummeted. And the operating costs and fees, however, are currently increasing, which further resulted in some companies, for instance, Starbucks, falling into more tight cash flow, and even being confronted with risks of default. This article conducts a further analysis of Starbucks’ credit risks before and after the COVID-19 based on the Credit Monitor Model (KMV) and the financial statement of Starbucks. Taking the concept of competition strategy into consideration, this research then proposes some advice related to competition strategy in order to mainly assist companies to avoid credit risks. And finally, the results of data indicate that a differentiated strategy would be appropriate under the COVID-19.