The rating is based on Standard&Poor's Ratings Services' expectation that Norwalk, Conn.-based online travel agency Priceline.com's performance will remain fairly robust over the intermediate term, despite macroeconomic conditions in Europe. We also expect and that the company will maintain its moderate financial policy and "strong" liquidity (based on our criteria). We believe that Priceline.com's pace of growth will moderate over time. We view the company's business risk profile as "satisfactory," reflecting its market-leading position in European hotel reservation services, especially in secondary and tertiary markets, and its growing presence in Asia and other markets. We believe that these strengths are sustainable over the near-to-intermediate term, although competitive pressure from entrenched rivals and potential entrants remains a prominent long-term
