Our 'AA-' corporate credit rating on Amazon.com Inc. (Amazon) is derived from: Our anchor of 'aa-', based on our "strong" business risk and "minimal" financial risk profile assessments for the company. The modifiers had no impact on the rating outcome. Substantial brand recognition, size, and scope of operations; Broad geographic diversity; and Solid and consistent track record of performance and growth. Solid credit protection measures, which we believe will remain consistent with a "minimal" financial risk profile over the next two years; and Strong cash flow generation. Our stable rating outlook on Amazon reflects our expectation that business conditions will remain favorable for online retailers over the next two years, with growth rates among the highest for the entire retail
