Moody's cuts Sabre

Moody's Investors Service said it downgraded Sabre Holdings Corp.'s corporate family rating to Ba3 from Ba2, probability of default rating to Ba3-PD from Ba2-PD and ratings for senior secured credit facilities and notes at Sabre's wholly owned subsidiary, Sabre GLBL Inc. to Ba3 from Ba2. Moody's also changed the outlook to negative from stable.

The downgrade and negative outlook reflect Moody's expectation Sabre will report significantly depressed operating results for at least the first half of 2020 combined with the uncertainties regarding the depth and duration of the severe disruptions across the global travel sector due to the coronavirus outbreak.

On Tuesday, Sabre announced it will suspend quarterly dividend payments and share buybacks to better manage its liquidity.

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