Sabre Holdings Ratings Placed On Watch Negative On Acquisition Plan May 05

Standard & Poors, May 2005

Abstract
NEW YORK (Standard & Poor's) May 12, 2005--Standard & Poor's Ratings Services today placed its ratings, including the 'BBB+' corporate credit rating, on Sabre Holdings Corp. on CreditWatch with negative implications. The CreditWatch placement follows Sabre's announcement that its subsidiary, Sabre Inc., has reached an agreement to acquire lastminute.com, a leading European on-line travel provider, for approximately -577 million (approximately $1.1 billion). "The proposed acquisition of last.minute.com will likely negatively affect Sabre's relatively strong financial profile, but it should strengthen Sabre's market position in Europe," said Standard & Poor's credit analyst Betsy Snyder. "However, any potential ratings downgrade is expected to result in Sabre's maintaining its investment-grade ratings." The ratings on Sabre Holdings Corp. reflect its leading position within several...

Companies mentioned in this report are: Sabre Holdings Corp.,Sabre Inc.
Action: On CreditWatch:Negative

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.

Sabre Holdings Corp.,Sabre Inc.

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