Leading position in travel marketing and distribution; and Strong free cash flows that the industry typically generates. Highly leveraged financial profile; Weaker financial flexibility than previously; and Cyclical and seasonal nature of the travel industry. The ratings on Sabre Holdings Corp. and its major operating subsidiary, Sabre Inc., reflect a highly leveraged financial profile and weaker financial flexibility after its acquisition by private equity firms, and the cyclical nature of the travel industry, in which the company participates as a distributor and marketer. Ratings also incorporate the company's leading position in this segment of the travel market, and the strong cash flow this business typically generates. Sabre's businesses include GDS (global distribution systems used by travel agents), on-line travel distribution
