Booking Holdings Inc. Ratings Affirmed; Outlook Negative; Euro Notes Rated 'A-'

The COVID-19 pandemic and the measures taken to reduce the spread of infection--including travel bans/restrictions and lockdowns--have hurt the global travel industry. Given the varying vaccination rates worldwide and the virus mutations that are emerging, it remains uncertain when the industry will begin to recover. We have affirmed our ratings on Booking Holdings Inc., including our 'A-' issuer credit rating, and we assigned an 'A-' rating to the company's proposed Euro denominated senior notes. Proceeds from the proposed notes will be used to refinance the company's existing 4.5% senior notes due 2027. The negative outlook reflects the risks that distressed industry conditions will persist and that they will lead to a long-term reduction in global travel. NEW YORK (S&P Global

...March 3, 2021 - The COVID-19 pandemic and the measures taken to reduce the spread of infection--including travel bans/restrictions and lockdowns--have hurt the global travel industry. - Given the varying vaccination rates worldwide and the virus mutations that are emerging, it remains uncertain when the industry will begin to recover. - We have affirmed our ratings on Booking Holdings Inc., including our 'A-' issuer credit rating, and we assigned an 'A-' rating to the company's proposed Euro denominated senior notes. Proceeds from the proposed notes will be used to refinance the company's existing 4.5% senior notes due 2027. - The negative outlook reflects the risks that distressed industry conditions will persist and that they will lead to a long-term reduction in global travel. NEW YORK (S&P Global Ratings) March 3, 2021--S&P Global Ratings today took the rating actions listed above. We believe there remains high, albeit moderating, uncertainty about the evolution of the coronavirus pandemic...

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