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Moody’s upgrades Amazon
Moody’s Investors Service, Inc. said it upgraded Amazon.com, Inc.’s long-term rating to A2 from A3, including its senior unsecured rating and legacy Whole Foods Market, Inc. senior unsecured rating to A2 from A3. The outlook is positive.
“Today’s upgrade recognizes the continuing strength of Amazon Web Services, which drove overall operating income growth in 2019 despite heavy investments in free shipping and marketing,” said Charlie O’Shea, a Moody’s vice president, in a press release.
“Liquidity is robust, with $55 billion in cash and marketable securities and nearly $22 billion in free cash flow in FYE 2019, which results in RCF/ debt of over 50%. Going forward, we expect Amazon’s liquidity and free cash flow generation to remain robust despite potential pressures from investment spending,” he said.
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