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S&P Lifts Amazon.com Ratings to Investment Grade
Topics:Internet | Technology | Information Technology
Sectors:Internet | Technology
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] out of junk territory to 'BBB' from 'BB+,' citing the Internet retailer's strong brand and robust performance amid the economic downturn.The ratings agency also raised its rating on the company's unsecured debt by one notch to 'BBB-' from 'BB+'. The outlook is stable.
Amazon.com last month reported a 9 percent jump in fourth-quarter profit which easily surpassed analysts' forecasts, and issued an optimistic outlook. In December, Amazon called the holiday season its "best ever," proving that so far the online retailer is not being seriously hurt by cutbacks in consumer spending.
Amazon.com also has unveiled a new and improved version of its Kindle electronic reading device. The company has made 230,000 titles available on the Kindle, which can download books wirelessly.
Amazon.com shares fell 70 cents to close earlier at $63.26.
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