Substantial brand recognition, size, and scope of operations; Broad geographic diversity; and Solid and consistent track record of growth but also volatile profitability. Solid credit protection measures over the next two years; and Strong cash flow generation and working capital cycle despite volatile earnings. Our stable rating outlook on Amazon.com Inc. reflects Standard&Poor's Ratings Services' expectation for strong cash flow generation and that business conditions will remain favorable for online retailers over the next two years, with growth rates among the highest for the entire retail industry. Amazon's conservative financial policies and good financial flexibility also support the rating and outlook. Although unlikely, we could lower the rating if the company undertakes significant share repurchases (more than $10
