On Nov. 10, 2008, Standard&Poor's Ratings Services placed its ratings on Sabre Holdings Corp. and major operating subsidiary Sabre Inc., including the 'B+' long-term corporate credit rating on both entities, on CreditWatch with negative implications. The CreditWatch listing reflects concerns regarding the effect of reduced travel demand caused by the weaker global economy on the company's financial profile. The reduction in travel will likely delay or prevent the improvement we had anticipated in Sabre's financial profile after March 2007 leveraged acquisition. Southlake, Texas-based Sabre is a leading provider of electronic travel distribution services. In March 2007, Silver Lake Partners and TPG acquired Sabre for approximately $5.4 billion, including the assumption of approximately $900 million of debt. The acquisition
