eBay, Inc. -- Moody's says eBay's A2 rating is not affected by increase in share buyback authorization; action is credit negative

New York, January 23, 2014 -- Moody's Investors Service said eBay Inc.'s A2 long-term and Prime-1 short-term ratings are not affected by the additional $5 billion of stock repurchase authorization. Pro-forma debt funding for about half the total, Moody's estimates adjusted debt to EBITDA to remain in the low 1 times range, which is consistent with the rating agency's expectation. However, Moody's views the increased levels of share buybacks as marking a potential shift in eBay's traditionally conservative financial policies. For more information, please refer to Moodys.com.

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