The ratings on Sabre Holdings Corp. reflect its leading position within several of its major businesses and its relatively strong financial profile even after the July 20, 2005, acquisition of lastminute.com for approximately $1.2 billion. However, the company operates in competitive and cyclical businesses and has had a fairly aggressive acquisition strategy. Sabre is a major provider of travel marketing and distribution services to the travel industry. Sabre owns one of the largest computer reservations system (CRS), responsible for booking approximately 36% of travel agency airline reservations worldwide. In addition, Sabre owns Travelocity, one of the largest on-line travel booking sites. Sabre is also a major provider of technology and services to airlines and other travel providers. The travel industry
