On June 11, 2008, Standard&Poor's Ratings Services raised its corporate credit rating on Seattle-based Amazon.com to 'BB+' from 'BB'. We removed the ratings from CreditWatch with positive implications, where they were placed on Feb. 13, 2008. At the same time, we raised the rating on the company's 4.75% convertible subordinated notes due February 2009 and its 6.875% premium adjustable convertible securities (PEACS) to 'BB+' from 'B+' and assigned both issues a recovery rating of '3', indicating our expectation of meaningful (50%-70%) recovery in the event of default. The outlook is positive. The upgrade reflects the company's strong operating performance as evidenced by a trailing 12-month growth rate of 39.4% as of March 31, 2008, the ability to manage
