On April 2, 2007, Standard&Poor's Ratings Services lowered its ratings on travel distribution company Sabre Holdings Corp., including lowering the corporate credit rating to 'B+' from 'BB'. All ratings were removed from CreditWatch with negative implications, where they were initially placed on Dec. 12, 2006. The outlook is now stable. The rating actions follow the company's March 30, 2007, leveraged acquisition by private equity firms Silver Lake Partners and Texas Pacific Group. At the same time, we have assigned a 'B+' corporate credit rating to Sabre Inc., the major operating subsidiary of Sabre Holdings Corp. The outlook is stable. We affirmed the 'B+' rating and '3' recovery rating on Sabre Inc.'s $3.515 billion secured credit facility. A major
