Fitch Ratings affirmed PayPal Holdings Inc.'s long-term issuer default rating at BBB+ with a stable outlook.
The ratings action follows the company's new credit agreements and planned bond issuance. PayPal Holdings on Sept. 11 entered into two new credit agreements that include a $5.0 billion five-year revolving credit facility and a $1 billion 364-day revolving credit facility. More recently, the company announced that it plans to offer senior unsecured notes of various maturities.
The rating agency assigned a BBB+ rating to the new credit facilities and announced senior notes.
In affirming the issuer default rating, Fitch considered the company's strong revenue growth, growing cash flows and conservative balance sheet metrics.
