Corporate Credit Rating: B/Stable/-- Amazon.com's improved third-quarter results have no impact on its credit rating or outlook. The company's third-quarter unadjusted EBITDA loss narrowed modestly to $48 million from $69 million in the second quarter. Although Amazon.com's ability to continue the rapid growth of its customer base is a positive factor, its business model remains unproven. Downward pressure on the rating is limited due to the company's large cash holdings, however, evidence that Amazon.com's business model can achieve profitability has not emerged. While some progress has been made in the company's core book retailing business, more favorable trends must exist before a positive change in the outlook can be considered.
