NEW YORK (S&P Global Ratings) May 6, 2025--S&P Global Ratings today assigned its 'A-' issue-level rating to Norwalk, Conn.-based Booking Holdings Inc.'s proposed euro-denominated senior unsecured notes. The company intends to use the proceeds for general corporate purposes, including debt refinancing and share repurchases. Our 'A-' issuer credit rating and stable outlook reflects our expectation that Booking?s credit metrics will remain solid for the rating, including adjusted debt to EBITDA of around 0.4x and funds from operations to debt of over 100% in 2025 and 2026. We believe Booking will maintain a conservative financial policy despite its plan to gradually move to positive net leverage of about 1x over time versus historical negative net leverage. Despite geopolitical risks and weakening
