On Dec. 12, 2006, Standard & Poor's Ratings Services placed its ratings on Sabre Holdings Corp., including the 'BBB' corporate credit rating, on CreditWatch with negative implications. The CreditWatch placement is based on the company's Dec. 12, 2006, announcement that it has signed a definitive agreement to be acquired by Silver Lake Partners and Texas Pacific Group for approximately $5 billion, including the assumption of approximately $550 million of net debt. The closing of the transaction is expected to occur by early in the second quarter of 2007, and it is anticipated that Sabre's 2011 and 2016 notes will remain outstanding. While equity and debt commitments for the full amount of the transaction have been received, the new capital structure
