...On Aug. 14, 2007, Standard & Poor's Ratings Services changed its outlook on Seattle, Wash.-based Amazon.com (Amazon) to positive from stable. At the same time, Standard & Poor's affirmed its '##' corporate credit and 'B+' subordinated debt ratings on the company. The outlook change is based on the Amazon's continued strong performance and improved credit profile. The ratings on Amazon, one of the world's largest online retailers, reflect the risks of rapid growth, participation in the mature and highly competitive retail industry, and continued operating margin deterioration. The risks are somewhat tempered by the company's solid market position in online retailing and improving cash flow protection measures. Amazon participates in the fragmented, competitive e-commerce retail market. Competitors include other online e-commerce sites (eBay), discounters (Wal-Mart), department stores (Macy's, JC Penney), big box retailers (Barnes & Noble, Best Buy), and other e-commerce and infrastructure...
