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Moody's rates Expedia notes Ba2
Moody's Investors Service said it affirmed Expedia, Inc.'s Ba2 corporate family rating and assigned a Ba2 rating (LGD 4, 51%) to its $500 million senior notes due 2016.
The outlook was revised to stable from negative, based on the company's demonstrated ability to generate high levels of sustained free cash flow.
Expedia's Ba2 rating is supported by the company's leading position and strong cash flow, according to the agency.
The rating is constrained by aggressive financial policies with regard to share repurchases, exposure to ongoing competition and the concentrated voting control of Barry Diller and Liberty Media, Moody's said.
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