NEW YORK (S&P Global Ratings) April 12, 2022--S&P Global Ratings today said that it views Amazon.com Inc.'s (AA-/Stable/A-1+) latest $12.75 billion senior unsecured note issuance as supportive of the company's operating and financial strategy. Amazon stepped up its capital expenditures last year, to about $61 billion from $40 billion a year ago, to support its rapidly expanding distribution system for the consumer business and the fast-growing Amazon Web Services (AWS) business. It also spent nearly $20 billion in working capital in 2021, partly due to the pandemic. Although we expect working capital will largely normalize and moderate this year, we anticipate capital expenditure will remain elevated, especially to fuel the AWS business, which grew 34% annually during the last three
