...NEW YORK (Standard & Poor's) June 11, 2008--Standard & Poor's Ratings Services said today it raised its corporate credit rating on Seattle-based Amazon.com to '##+' from '##'. We removed the ratings from CreditWatch with positive implications, where they were placed on Feb 13, 2008. At the same time, we raised the rating on the company's 4.75% convertible subordinated notes due February 2009 and its 6.875% premium adjustable convertible securities (PEACS) to '##+' from 'B+' and assigned both issues a recovery rating of '3', indicating our expectation of meaningful (50%-70%) recovery in the event of default. The outlook is positive. "The upgrade reflects the company's strong operating performance," said Standard & Poor's credit analyst David Kuntz. He pointed to its trailing 12-month growth rate of 39.4% as of March 31, 2008. Additional factors include the ability to manage sustained growth and the beneficial impact on credit measures from the recent redemption of the $500 million 4.75%...
