On Dec. 21, 2006, Standard & Poor's Ratings Services lowered its ratings on Sabre Holdings Corp., including its corporate credit rating to 'BB' from 'BBB'. Ratings remain on CreditWatch with negative implications, where they were placed on Dec. 12, 2006, following Sabre's announcement that it has signed a definitive agreement to be acquired by Silver Lake Partners and Texas Pacific Group for approximately $5 billion, including the assumption of approximately $550 million of net debt. The closing of the transaction is expected to occur by early in the second quarter of 2007, and it is anticipated that Sabre's 2011 and 2016 notes will remain outstanding. The downgrade is based on our conclusion that the acquisition is not only likely to
