NEW YORK (Standard & Poor's) Sept. 20, 2001-- Standard & Poor's today revised its outlook on Sabre Holdings Corp. to negative from stable. All ratings are affirmed (see list below). The outlook revision is based on the negative impact on earnings that Sabre, which operates the largest reservation system for airlines and hotels, will experience from a sharp decline in travel bookings after the Sept. 11, 2001, terrorism attack. Mitigating this is Sabre's strong liquidity, currently $800 million, including cash and a fully undrawn revolving credit facility. In addition, Sabre has the ability to reduce capital spending, which should result in relatively strong cash flow, despite the reduced level of travel bookings. OUTLOOK: NEGATIVE If the decline in Sabre's earnings
