U.S.-based Internet retailer Amazon.com Inc. has filed an unlimited Rule 415 shelf registration for debt securities and is proposing to issue $500 million of notes due 2015, $1.0 billion of notes due 2017, and $1.0 billion of notes due 2022. We are assigning our 'AA-' corporate credit rating to the company, reflecting our expectation for continued strong performance and credit measures. We are also assigning our preliminary 'AA-' senior unsecured and preliminary 'A+' subordinated debt ratings to the Rule 415 shelf registration and our 'AA-' issue-level rating to the note issues. The stable rating outlook reflects our view that the company will maintain its solid operating performance and that credit metrics should modestly improve over the next year. NEW YORK
