...March 18, 2020 CHICAGO (S&P Global Ratings) March 18, 2020--S&P Global Ratings today said that online travel agency Booking Holdings Inc.'s operating performance will likely be significantly impaired by the economic slowdown caused by coronavirus (COVID-19) containment measures. However, the company's substantial cash balances should help cushion the credit impact from the reduced travel demand in 2020. Our ratings on Booking Holdings, including the 'A-' issuer credit rating, are likely to be unaffected. Booking Holdings' significant surplus cash and net cash position provide it with sizable cushion to our downgrade threshold of net leverage approaching 1.5x. Additionally, we expect the company to significantly reduce its share-repurchase activity, which will help it preserve cash and keep leverage well below 1.5x. Booking Holdings withdrew its first-quarter 2020 guidance on March 9 due to the worsening impact of COVID-19 on travel demand, and as of Dec. 31, 2019, it had cash and marketable...
