Zor Capital's Joe Fahmy analyzes economic reopening plays for investors' watchlists as the major indexes, and tech stocks in particular, get hit.
Shares of Booking Holdings (NASDAQ: BKNG) were moving higher last month as the online travel agency benefited from an improving outlook for the travel sector, buoyed by the accelerated vaccine rollout and as investors looked forward to the company's fourth-quarter earnings report. The stock actually pulled back modestly when the report came out, but that only put a minor dent in the month's gains. According to data from S&P Global Market Intelligence, shares finished the month up 20%.
Rating Action: Moody's assigns A3 to Booking Holdings new senior unsecured Euro notesGlobal Credit Research - 03 Mar 2021New York, March 03, 2021 -- Moody's Investors Service ("Moody's") assigned an A3 rating to Booking Holdings, Inc.'s (Booking) proposed offering of senior unsecured Euro notes. Moody's also assigned a (P)A3 rating to the company's senior unsecured shelf rating.RATINGS RATIONALEThe proposed note issuances are opportunistic as Booking is looking to refinance the 4.5% notes due 2027 (2027 Notes) with lower coupon Euro notes with maturities ranging from four years to seven years. All other ratings and the negative outlook are unchanged.Ratings Actions:..Issuer: Booking Holdings, Inc...Senior unsecured Euro notes (foreign currency) rating, Assigned A3..Senior unsecured shelf (foreign and local currency) rating, Assigned (P)A3Booking's A3 senior unsecured rating remains pressured by the decline in hotel bookings and Moody's expectation that global travel will remain depressed over the next year.