The company is one of the largest online travel agencies globally. It participates in a highly competitive industry, with potential for new entrants. It has good geographic diversity. The company's very low debt leverage. Its moderate financial policy. Its strong liquidity and discretionary cash flow generation. The stable rating outlook on The Priceline Group Inc. reflects S&P Global Ratings' expectation that the company will maintain good growth as its brands continue to gain operating momentum and adjusted debt leverage below 1x in 2016 and 2017. While unlikely over the next two to three years, we could raise the corporate credit rating if Priceline significantly increases its EBITDA from its ancillary travel services (including Kayak and OpenTable), preserves its competitive edge,
