Substantial brand recognition, size, and dominant market position in the expanding online retail and web services segments; Broad geographic diversity and low customer concentration risk; and Consistent track record of growth, but also volatile profitability. Solid credit protection measures over the next two years, amid rising lease commitments and spending to support profitable growth; Exceptional liquidity; and Strong and consistent free operating cash flow (FOCF) generation. Our stable rating outlook on Amazon.com Inc. reflects our expectation for strong cash flow generation, continued investment in growth, and that business conditions will remain favorable for online retailers and major cloud computing firms over the next two years. We anticipate growth rates will be among the highest for the entire retail industry and
