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Priceline.com Rating Raised To 'BBB'; New Convertible Notes Rated 'BBB' Mar 12
Standard & Poors, March 2012
U.S.-based online travel agency Priceline experienced strong growth in 2011, and we expect the company to continue to gain market share this year. We are upgrading the company to 'BBB' from 'BBB-'. The rating outlook is stable. In addition, we are assigning Priceline.com's $875 million convertible notes due 2018 our issue-level rating of 'BBB'. The stable rating outlook reflects our view that the company will be able to maintain current credit metrics despite continuing soft economic conditions. CHICAGO (Standard & Poor's) March 7, 2012--Standard & Poor's Ratings Services said today that it raised its corporate credit rating on Norwalk, Conn.-based Priceline.com Inc. to 'BBB' from 'BBB-'. The rating outlook is stable. At the same time, we assigned the company's $875...
Companies mentioned in this report are: Priceline.com Inc.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.