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Originally published December 1, 2014 at 10:39 AM | Page modified December 1, 2014 at 2:18 PM

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Moody's lowers Amazon outlook

Moody's Investors Service on Monday lowered its outlook for Amazon.com after the online retailer indicated it is planning a notes offering.


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Moody's Investors Service on Monday lowered its outlook for Amazon.com after the online retailer indicated it is planning a notes offering.

The Seattle-based company filed a document with the U.S. Securities and Exchange Commission Monday that showed it planned a senior notes offering, although the size and terms were not disclosed. The proceeds are intended to be used for general corporate purposes.

Moody's lowered its outlook to negative from stable, which means the rating agency may lower the company's rating in the near future.

The rating agency, which characterized the offering as "sizeable", said that it does not believe the funds from the offering will be used for any form of shareholder returns and expressed concern about lack of detail on the timing and use of the proceeds. However, Moody's said the company's excellent liquidity provides sufficient cushion and it affirmed its investment grade "Baa1" rating.

A representative for Amazon could not be reached immediately for comment.

Amazon.com Inc. shares fell $10.05, or 3 percent, to $328.59 by midday Monday, outpacing a broader dip in the market.



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