S&P rates Priceline convertibles B

Standard & Poor's said it assigned its B corporate credit rating to Priceline.com Inc. and assigned its B rating to the company's two convertible senior notes due 2010 and 2025.

The outlook is stable.

S&P said the ratings reflect Priceline.com's significant supplier concentration in airlines and hotels, low profit margins, acquisition-driven growth strategy, and participation in the highly competitive online travel market. These factors are only partially offset by the company's leading position in the consumer bid-based travel business and its good cash balances, which provide some cushion.

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