Moody's rates Sabre loans B1

Moody's Investors Service said it downgraded the rating for Sabre Holdings' existing $800 million senior unsecured notes to Caa1 from Baa3 and assigned a B1 first-time rating to Sabre Inc.'s first-lien senior secured credit facilities ($3 billion term loan and $500 million revolver), along with a first-time corporate family rating of B2.

A stable outlook was assigned.

The downgrade of the existing notes and assignment of new ratings reflect the company's significant increase in financial leverage following the March 30 closing of the company's acquisition by Silver Lake Partners and Texas Pacific Group, Moody's said. The downgrade concludes a review that began in December on the company's take-private announcement.

The corporate family rating reflects the significant increase in financial leverage, with $2.8 billion of additional debt from the take-private transaction, the agency said.

The rating also takes into account the company's leading position in the global distribution system and online travel processing markets, Moody's added.

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