The global travel industry faces significant cancellations and declines in new bookings as travel temporarily loses the favor of countries, companies, and individuals because of the spread of COVID-19 (the disease caused by the coronavirus). While the extent and duration of the impact on travel and Booking Holdings Inc.'s finances are somewhat uncertain, S&P Global Ratings believes there is risk that distressed industry conditions could extend for a prolonged period. EBITDA losses and the resulting decline in cash flow could be meaningful. As a result, we are revising our outlook on our issuer rating on Booking to negative from stable. Booking plans to issue approximately $4 billion in debt including $3.25 billion in senior unsecured notes and $750 million in
