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 is based on Standard&Poor's Ratings Services' expectation that Nowarlk, Conn.-based online travel agency Priceline.com's performance will remain fairly robust over the intermediate term, and that the company will maintain its moderate financial policy and "strong" liquidity (based on our criteria). That said, we believe that Priceline.com's pace of growth will moderate over time. We view the company's business risk profile as "satisfactory," reflecting its market-leading position in European hotel reservation services, especially in secondary and tertiary markets, and its growing presence in Asia
