Sabre Holdings Corp.'s operating performance in 2011 will likely be weaker than our initial projections primarily due to weakness at Travelocity, delaying the timeframe for a potential upgrade. We are affirming our ratings, including our 'B' corporate credit rating, on the company. We are revising our rating outlook on Sabre to stable from positive, to reflect our expectation that debt leverage will remain manageable and that cash flow will remain adequate for operational needs. On July 18, 2011, Standard&Poor's Ratings Services revised its rating outlook on Southlake, Texas-based Sabre Holdings Corp. to stable from positive. At the same time, we affirmed all of our ratings on the company, including the 'B' corporate credit rating. The outlook revision is
