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S&P upgrades PayPal Holdings following Synchrony deal

S&P Global Ratings raised its long-term rating on PayPal Holdings Inc. to BBB+ from BBB, and affirmed its short-term rating at A-2.

The outlook is stable.

The rating change reflects S&P's view that PayPal's recent agreement with Synchrony Financial has reduced the risk to PayPal in a severe stress scenario. Synchrony in November agreed to buy $6.8 billion in receivables from PayPal in an expansion of the companies' strategic consumer credit relationship.

The stable outlook reflects the rating agency's view that a strong recent performance and lower-risk balance sheet position PayPal well to compete in a highly competitive payments space.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.