...On Feb. 10, 2004, Standard & Poor's Ratings Services placed its ratings for Amazon.com, including the 'B' corporate credit rating, on CreditWatch with positive implications. This action, which affects approximately $1.9 billion of funded debt, reflects the significant progress that Amazon has made in improving operating results and credit protection measures in 2003. The Seattle, Wash.-based on-line retailer is continuing to benefit from its focus on convenience, service, selection, and content, as well as its strategy of offering consumers everyday low prices and free shipping. Amazon generated revenues of $5.3 billion in 2003, up 28% from 2002 (excluding the impact of foreign currency translation). The increased volume and improved operating efficiencies enabled the company to expand operating margins to 9.7% in 2003, from 8.1% in 2002 and only 3.9% in 2001. Cash flow protection measures strengthened due to the company's better operating performance and modest reduction of debt. EBITDA...
