U.S.-based online travel agency Priceline experienced strong growth in 2011, and we expect the company to continue to gain market share this year. We are upgrading the company to 'BBB' from 'BBB-'. The rating outlook is stable. In addition, we are assigning Priceline.com's $875 million convertible notes due 2018 our issue-level rating of 'BBB'. The stable rating outlook reflects our view that the company will be able to maintain current credit metrics despite continuing soft economic conditions. On March 7, 2012, Standard&Poor's Ratings Services raised its corporate credit rating on Norwalk, Conn.-based Priceline.com Inc. to 'BBB' from 'BBB-'. The rating outlook is stable. At the same time, we assigned the company's $875 million convertible notes due 2018 our
