We are raising the ratings on travel distributor Sabre Holdings Corp. in accordance with our criteria for distressed debt redemptions, based on our view of the company's risk of a future payment default or another distressed debt repurchase. We lowered the corporate credit rating to 'SD' (selective default) and the rating on the company's senior notes due 2011 to 'D' on June 16, 2009, based on Sabre Holdings' repurchase of its debt that met our criteria for a distressed debt redemption. We did not lower the ratings on Sabre Holdings' major operating subsidiary Sabre Inc. (B/Negative/--) on June 16, 2009, and those ratings are unaffected by today's rating action. Our negative outlook reflects expected, ongoing significant decline in travel demand
