NEW YORK (Standard & Poor's) July 17, 2003--Sabre Holdings Corp. (BBB+/Negative/-) reported that earnings declined to $32 million (excluding special items) in the second quarter of 2003 from $83 million in the second quarter of 2002. Standard & Poor's Ratings Services said its rating and outlook on the company are not affected. Operating revenues declined by 5.5% due primarily to a 16.2% reduction in travel bookings at Sabre Travel Network, which accounts for approximately 75% of Sabre's revenues. Revenues continued to rise in all other businesses: Travelocity by 19.5%; GetThere, the web-based travel booking system for businesses, by 40%; and Sabre Airline Solutions, by 5.1%. The large decline in travel bookings was attributable to the Iraq war and SARS early
