The 'B' corporate credit rating on Southlake, Texas-based Sabre Holdings Corp. reflects Standard&Poor's Ratings Services' expectation that recovering financial performance will enable the company to reduce high debt leverage and maintain covenant compliance. The company faces significant maturities in 2014. As such, we view the company's financial risk as highly leveraged, although we believe Sabre will refinance a meaningful portion of its 2014 maturities. Sabre's leading position in the travel distribution market is a major positive factor for the rating. We view Sabre's business risk profile as fair. Sabre's business includes global distribution systems (GDS) that travel agents use, software solutions for travel providers, and Travelocity, an online travel agency (OTA). Sabre is a major provider of marketing
