Our 'BBB' rating on Priceline.com Inc. is derived from: Our anchor of 'bbb+', based on our "satisfactory" business risk and "modest" financial risk profile assessments for the company. We base a negative one-notch impact on the initial rating outcome to arrive at a final rating outcome of 'BBB' on our unfavorable assessment of Priceline in a comparable rating analysis, resulting from a lack of business diversity. Other analytical modifiers had no impact on the rating. Largest online travel agency. Good EBITDA margin. Intense competitive pressures. Low debt leverage. Strong discretionary cash flow. Moderate financial policy. Strong liquidity. The rating outlook is positive. We expect Priceline.com will maintain growth, even if slightly slower, as its Booking.com and Agoda brands continue to
