The ratings on Southlake, Texas-based Sabre Holdings Corp. and its major operating subsidiary, Sabre Inc., reflect a highly leveraged financial profile and limited access to capital after its 2007 acquisition by private equity firms, and the cyclical nature of the travel industry, in which the company participates as a distributor and marketer. The ratings also incorporate the company's leading position in this segment of the travel market, and the free cash flow this business typically generates. Sabre Holdings' businesses include GDS (global distribution systems that travel agents use), online travel distribution (Travelocity), and solutions and consulting for travel providers. On March 30, 2007, Silver Lake Partners and Texas Pacific Group acquired Sabre Holdings for about $5.4 billion, including the assumption
