Market leader in opaque (i.e., "name your own price") and European online hotel reservation service Strong discretionary cash flow Low debt leverage Intense competitive pressure and economic uncertainty in Europe Some supplier concentration The rating on Norwalk, Conn.-headquartered online travel agency Priceline.com Inc. is based on our expectation that the company's performance will remain fairly robust over the intermediate term and that the company will maintain its moderate financial policy and strong liquidity. However, we expect Priceline.com's pace of growth will moderate over time. We view the company's business risk profile as "satisfactory" (as our criteria designates the term), reflecting its market-leading position in European hotel reservation services, especially in secondary and tertiary markets, and its growing presence in Asia
