Moody's assigns Sabre notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Sabre GLBL Inc.'s new five-year senior secured notes. The issuer is a wholly owned subsidiary of Sabre Holdings Corp.

Sabre Holdings’ Ba3 corporate family rating, Ba3-PD probability of default rating, and all other credit ratings are unaffected by the proposed transaction, Moody’s said. The stable outlook and SGL-2 speculative grade liquidity rating are unchanged, too.

The proceeds of the offering, plus cash on hand, will be primarily used to fully repay the obligations under the term loan B due 2024. “Leverage will be materially unchanged, and the refinancing improves the company's maturity profile but increases interest costs,” the agency said in a press release.

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