Our 'B' rating on Sabre Holdings Corp. is derived from: Our anchor of 'b', based on our "fair" business risk and "highly leveraged" financial risk profile assessments for the company. Analytical modifiers had no impact on the rating. One of the largest global distribution systems in the software market. A fast-growing software business. Highly competitive markets. High debt leverage. Discretionary cash flow deficits in 2013 and 2014. The rating outlook is negative. This reflects our expectation that the company's EBITDA will decline in 2013 and in 2014, and that the company will have discretionary cash flow deficits in both years. Sabre's performance has been below our expectations. Additionally, the unwinding of working capital benefits associated with a transition to certain
