Booking Holdings Inc. reported revenue for the quarter ended Sept. 30, 2021, was only about 7% below comparable-quarter revenues in 2019. The recovery in the company's revenues is a good reflection of broader recovery of demand for leisure travel that has exhibited improving trends over the past six months following the significant slowdown in travel due to the COVID-19 pandemic. As a result, we affirmed our 'A-' issuer credit rating on Booking Holdings and revised our outlook to stable from negative. The stable outlook reflects our expectation that the company will benefit from continued recovery in travel volumes bolstered by pent-up demand for travel over the next 12 months as demand for domestic and international travel recovers. As global virus
