U.S.-based travel technology company Sabre Holdings Corp.'s EBITDA and cash flow performance has exceeded our expectations and private equity owners continue to decrease their stake in the company. We are raising our corporate credit rating on Sabre to 'BB-' from 'B+'. We are also raising our issue-level rating on the company's senior secured credit facilities to 'BB-' from 'B+'. The recovery rating remains '3'. The stable rating outlook reflects our expectation that the company will maintain its leadership position in the global travel distribution systems (GDS) business and stable revenue and EBITDA growth. On May 11, 2016, S&P Global Ratings raised its corporate credit rating on Southlake, Texas-based travel technology companies Sabre Holdings Corp. and Sabre Inc. (collectively, Sabre) to
