NEW YORK (Standard & Poor's) April 17, 2003--Sabre Holdings Corp. (BBB+/Negative/-) reported that its earnings declined to $52 million (excluding special items) in the first quarter of 2003 from $84 million in the prior-year period. Standard & Poor's Ratings Services said its rating and outlook on the company are not affected. Operating revenues declined by 7.6% due primarily to a 13.3% reduction in travel bookings at Sabre Travel Network, from which Sabre generates fees. Revenues rose in all other businesses: Travelocity by 8.6%; GetThere, the web-based travel booking system for businesses, by 4.3%; and Sabre Airline Solutions, by 6.0%. The large decline in travel bookings was attributable primarily to the Iraq war situation. Despite the reduced earnings, Sabre's EBITDA remained
