U.S.-based travel technology company Sabre Holdings Corp. has been performing above our expectation, and its debt leverage has been lower than expected. We are revising our rating outlook on Sabre Holdings and Sabre GLBL Inc. (collectively, Sabre) to positive from stable and affirming our 'B+' corporate credit ratings on the companies. We are also raising our issue-level rating on Sabre GLBL's senior secured notes and credit facilities to 'BB-' from 'B+' and revising our recovery rating to '2' from '3'. The positive rating outlook reflects our expectation that Sabre's operating performance will remain strong through year-end 2015 and in 2016, with debt leverage remaining in the high-3x to low-4x area, and that the outcome of the company's litigation with US
