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Fitch gives PayPal notes A-
Fitch Ratings said it gave PayPal Holdings, Inc.'s planned senior notes an A- rating.
Concurrently, the agency affirmed the A- ratings on PayPal’s and its senior unsecured revolver and senior unsecured notes.
Additionally, Fitch gave A- issuer ratings to the following subsidiaries that were added as co-borrowers on the company's $5 billion senior unsecured revolving credit facility: Paypal (Europe) Sarl. et Cie, SCA (Luxembourg borrower); PayPal Pte. Ltd. (Singapore borrower); and PayPal Australia Pty Ltd.
PayPal will use the proceeds to redeem $2 billion of upcoming maturities and further bolster cash on its balance sheet.
The outlook is stable.
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