Leading position in travel marketing and distribution; Relatively strong financial profile; and Maintenance capital spending that is below that of most other industries. Travel business is cyclical and seasonal; Competition has intensified recently; and Fairly aggressive acquisition and share repurchase strategy in the past. The ratings on Sabre Holdings Corp. reflect its leading position within several 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. It owns one of the largest computer reservations systems (CRS), responsible for booking approximately 50% of the world's travel agency airline reservations. In addition, Sabre owns Travelocity, one of the largest consumer on-line travel booking sites. Sabre is also
