U.S.-based travel technology company Sabre Holdings Corp. is planning to issue $500 million senior secured notes due 2023 to refinance a portion of its subordinated debt and for general corporate purposes, including acquisitions and share repurchases. We are affirming our 'B+' corporate credit rating on Sabre Holdings and Sabre Inc. (collectively, Sabre) and our 'B-' issue-level rating on Sabre Holdings' senior unsecured debt. The recovery rating on the debt is unchanged. We are also assigning our 'B+' issue-level and '3' recovery ratings to the proposed $500 million senior secured notes due 2023, and lowering our issue-level rating on Sabre GLBL Inc.'s senior secured notes and credit facilities to 'B+' from 'BB-' and revising the recovery rating to '3' from '2'.
