PayPal Holdings Inc. is benefitting from the ongoing trend away from cash and checks, and towards electronic payments. PayPal's rolling 12-month revenue grew by 15% and its EBITDA increased by 12% as of March 31, 2020. PayPal's earnings have been resilient during the COVID-19 pandemic despite higher operating expenses stemming from higher provisions in its merchant and international retail loan books. The positive outlook reflects our view that we could raise the ratings over the next two years if the company sustains its business strength, while keeping leverage well below 1.5x and containing losses in the loan book. On June 15, 2020, S&P Global Ratings revised its outlook on PayPal Holdings Inc. to positive from stable. At the same time,
