On July 20, 2005, Standard & Poor's Ratings Services lowered its ratings on Sabre Holdings Corp., including the corporate credit rating to 'BBB' from 'BBB+'. The ratings were removed from CreditWatch with negative implications, where they were placed on May 12, 2005, following Sabre's announcement of an agreement to acquire on-line travel provider lastminute.com. Sabre completed the acquisition of lastminute.com for approximately $1 billion on May 20. The outlook is stable. The acquisition will add approximately $800 million of debt to Sabre's balance sheet, which will weaken its strong financial profile somewhat. However, Sabre's strong cash flow should allow it to reduce incremental debt over the next few years." The ratings on Sabre Holdings Corp. reflect its leading position within
