On May 12, 2008, Standard&Poor's Ratings Services said its ratings on Seattle-based Amazon.com remain on CreditWatch with positive implications, where they were placed on Feb. 13, 2008. This action reflects the announcement that the company intends to redeem $500 million of its outstanding 4.75% convertible subordinated notes due 2009 on June 9, 2008. After completion of the redemption of the notes, there will be approximately $399 million of notes outstanding. Pro forma the transaction, Amazon will have enhanced credit metrics that remain strong for its rating category. We anticipate leverage will be about 1.1x for the 12 months ended March 31, 2008, compared to 2.2x for the prior year. We expect EBITDA coverage of interest to be about
