On March 30, 2009, Standard&Poor's Ratings Services lowered its ratings on travel distribution company Sabre Holdings Corp., including the long-term corporate credit rating to 'B' from 'B+'. All ratings were removed from CreditWatch, where they were placed with negative implications on Nov. 10, 2008. The outlook is negative. The rating actions are based on a weaker-than-expected financial profile primarily because of a significant decline in travel bookings that began in the fourth quarter of 2008, with further weakness anticipated well into 2009, caused by the global economic recession; and incremental debt. As a result, Sabre's financial profile, which had improved somewhat due to debt reductions and strong earnings after its leveraged buyout in March 2007, weakened in 2008.
