...The investment-grade rating on Seattle-based Amazon.com Inc., one of the largest e-commerce retailers, reflects Standard & Poor's Ratings Services' expectation that the company will maintain its solid market position and our assessment that its business risk profile will remain satisfactory over the next several years. We also anticipate that its financial risk profile will remain minimal as the company maintains modest debt leverage, a strong cash cushion, and above-average cash flow protection ratios. We view Amazon's business risk profile as satisfactory, reflecting its strong market position in online retailing, and its broad and deep merchandise offerings. We note though that there are risks from rapid growth, possible margin erosion, and participation in the mature and highly competitive retail industry. Performance remains strong despite a weak economic environment, with revenues and EBITDA increasing 39.6% and 26.7%, respectively, year over year. In our opinion, everyday low pricing,...
