PayPal announced on Nov. 20, 2019, its acquisition of Honey Science Corp., a technology company for shopping and rewards, for approximately $4 billion in cash. With pro forma debt to EBITDA at 0.4x (as of the end of September 2019), leverage will remain very low. As a result, we are affirming our 'BBB+' long-term issuer credit rating on the company. The stable outlook reflects our expectation that the company will use moderately more cash for share repurchases, acquisitions, and to fund the growing corporate loan book than it will generate over the next two years, but will maintain modest leverage and good earnings growth. On Nov. 26, 2019, S&P Global Ratings affirmed its 'BBB+' long-term issuer credit rating and senior
