...The ratings and Stable Outlook are supported by eBay Inc. s (eBay) unique operating profile, conservative financial policies and credit protection measures, and strong financial flexibility and liquidity including a free cash flow conversion rate from revenues in excess of 20%. eBay has two leading franchises in consumer e-commerce with significant internationa l growth opportunities. Fitch Ratings expects PayPal, Inc. s (Paypal) transactio n-based operating model will continue to benefit from an increasing share of e-commerce transactions and should also be able to offset any cyclicality in the eBay Marketplaces segment. Fitch also expects that eBay will maintain st rong credit metrics and a co nservative capital structure with leverage at approximately 1.0 times (x) and a disciplined approach to acquisitions. Over the intermediate term, Fitch believ es the difficulty of replicating eBay s ecosystem, global platform, business model, and strong brand names will continue...
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