Major position in travel marketing and distribution; and The industry typically generates free cash flow. Highly leveraged financial profile; Limited access to capital; and Travel industry is cyclical and seasonal. The ratings on Southlake, Texas-based Sabre Holdings Corp. and its major operating subsidiary, Sabre Inc., reflect a highly leveraged financial profile and limited access to capital after its 2007 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 free cash flow this business typically generates. Sabre's businesses include GDS (global distribution systems used by travel agents), online travel distribution (Travelocity), and
