On Sept. 23, 2004, Standard&Poor's Ratings Services assigned its 'B' corporate credit rating to online travel agency Priceline.com Inc. At the same time, Standard&Poor's assigned its 'B' rating to the company's two convertible senior notes due 2010 and 2025. The outlook is stable. As of June 30, 2004, Priceline.com had total debt outstanding of $223.4 million. The ratings reflect Priceline.com's significant supplier concentration in airlines and hotels, low profit margins, acquisition-driven growth strategy, and participation in the highly competitive online travel market. These factors are only partially offset by the company's leading position in the consumer bid-based travel business and its good cash balances, which provide some cushion. Norwalk, Conn.-based Priceline.com is a provider of bid-based
