NEW YORK (Standard&Poor's) Jan. 29, 2016--Standard&Poor's Ratings Services today said Amazon.com Inc.'s fourth-quarter 2015 results were consistent with the rating and outlook, which remain unchanged. We believe revenue growth will continue to benefit from the company's reputation for service, selection, and price while substantial investments in infrastructure and technology will continue and cash balances will remain substantial. We anticipate leverage to be at or below 1x as of year-end 2015 and 2016. Revenue growth remains very fast at Amazon Web Services (AWS; up 69%) but the pace of capital investment to support that growth has also been quick. AWS accounted for 39% of operating income, even in the strongest quarter for the retail business. Non-AWS revenue
