UPDATE: S&P Downgrades eBay (EBAY) to 'BBB+'; Reflects 'Satisfactory' Business Profile
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Moody's Downgrades eBay (EBAY) to 'Baa1' Following PayPal Spin
July 20, 2015 10:56 AM EDTMoody's Investors Service, Inc. ("Moody's") has downgraded eBay's (Nasdaq: EBAY) long term issuer and senior unsecured ratings to Baa1 from A2 and short-term rating to Prime-2 from Prime-1. The rating outlook is stable.
These rating actions conclude the review for downgrade initiated on September 30, 2014 following eBay's announcement of its plan to spin-off of its PayPal subsidiary.
RATINGS RATIONALE
The ratings downgrade reflects a weaker, though still strong, credit profile post the spin-off with higher financial leverage, reduced business diversity after the separation of the faster growing PayPal business and Moody's expectation of continued... More
