Leading position in travel marketing and distribution; Relatively strong financial profile; and Less capital intensive than most other industries. Travel business is cyclical and seasonal; Fairly aggressive acquisition and share repurchase strategy in the past; and Competition has intensified recently. The ratings reflect Sabre Holdings Corp.'s leading position within most of its major businesses and its relatively strong financial profile. Sabre is a major provider of travel marketing and distribution services to the travel industry. Sabre owns the leading computer reservations system (CRS), responsible for booking close to 40% of the world's travel agency airline reservations. In addition, Sabre owns Travelocity.com (it acquired the 30% it did not already own in April 2002), the largest consumer on-line travel booking site;
