One of the largest global distribution systems in the world. A fast-growing software business. Highly competitive markets. Relatively high debt leverage. Expectation of healthy discretionary cash flow. The stable outlook on Southlake, Texas-based travel technology solutions provider Sabre Holdings Corp. reflects our expectation for steady operating performance and debt leverage to remain below 5x, based on EBITDA growth. We could lower the rating over the next two years if Sabre's operating performance weakens, or if restructuring and litigation settlement expenses are greater than expected, convincing us that debt leverage will rise above 5.5x. Although we believe that any adverse settlement with US Airways will be significantly less than the American Airlines settlement, it could still substantially hinder cash flow generation.
