Strong position in travel distribution; and Modest debt maturities through 2010. Highly leveraged financial profile; Limited access to capital; All assets are pledged to financings; and Travel industry is cyclical and seasonal. Standard&Poor's Ratings Services' ratings on Sabre Holdings Corp. and major operating subsidiary Sabre Inc. remain on CreditWatch, where they were placed with negative implications on Nov. 10, 2008. The negative CreditWatch status reflects concerns regarding the effect of reduced travel demand caused by the weaker global economy on the company's financial profile. The reduction in travel will likely delay or prevent the improvement we had anticipated in Sabre's financial profile after its March 30, 2007, leveraged acquisition. Southlake, Texas-based Sabre is a leading provider of electronic
