U.S. travel technology provider Sabre Inc. plans to issue $250 million in add-on senior secured notes due 2019, using the proceeds to repay 2014 maturities. We are affirming our existing 'B' issue-level rating on the secured notes. We are also affirming our 'B' corporate credit rating on both Sabre Inc. and parent Sabre Holdings Corp. The outlooks are positive. The positive outlook indicates the possibility of an upgrade if Sabre can satisfactorily resolve its litigation with airlines and maintain its EBITDA margin. On Sept. 20, 2012, Standard&Poor's Ratings Services affirmed its existing 'B' issue-level rating (the same as our corporate credit rating on the company) on Sabre Inc.'s senior secured notes due 2019 following a $250 million add-on.
