Amazon.com Inc. announced a multi-tranche, senior unsecured bond transaction that we expect will fund the almost $14 billion acquisition of Whole Foods Market Inc. (WFM). We are affirming our 'AA-' long-term corporate credit rating on Amazon.com Inc. to reflect our view that the company's adjusted leverage will remain very conservative with a pro-forma peak of less than 1.5x this year and subsequent decline to around 1x or lower over the next couple of years, although other potential large acquisitions remain a risk. The affirmation also incorporates our view that Amazon will take a measured approach of incorporating the WFM business into its evolving grocery strategy while working to ensure that WFM remains competitive with its customer base, which are the
