We believe PayPal Holdings Inc. is benefiting from the shift to e-commerce, and we expect the company to post strong revenue and EBITDA growth over the next two years. We also expect PayPal to maintain very low leverage over the same time. We raised our long-term issuer credit rating on PayPal to 'A-' from 'BBB+'. The outlook is stable, reflecting our expectation that the company will sustain its business strength over the next two years, while operating with very low leverage (below 1.0x) and containing losses in its growing loan portfolio. On June 3, 2021, S&P Global Ratings raised the long-term issuer credit and senior unsecured debt ratings on PayPal Holdings Inc. to 'A-' from 'BBB+'. At the same time,
