Standard & Poor's Ratings Services raised its credit rating on online travel booking service priceline.com Inc. Thursday, noting growing revenue and improving credit.
"Despite global economic weakness and its negative effect on leisure and business travel, Priceline.com has continued to do well and gain market share against larger rivals" Expedia and Orbitz, said analyst Andy Liu. The agency also pointed to good results from the company's Bookings.com business.
Standard & Poor's upgraded priceline.com's rating to 'BB' from 'BB-' and kept a positive rating outlook for the company. The rating is non-investment grade, two notches into "junk" status.
Shares of the Norwalk, Conn.-based company closed at $220.01 Thursday, and set an annual high of $223.82 during the day.