S&P ups Priceline.com, rates convertibles BBB

Standard & Poor's said it raised the corporate credit rating on Priceline.com Inc. to BBB from BBB-.

The agency also said it assigned a BBB rating to the company's $875 million convertible notes due 2018.

The proceeds will be used for general corporate purposes, including share repurchases and acquisitions.

The outlook is stable.

The upgrade is based on Priceline.com's strong operating performance in 2011, S&P said.

The agency said it believes the company gained market share in Asia, Europe and North America, primarily through its booking.com and Agoda brands.

The rating is based on an expectation that Priceline.com's performance will remain fairly robust over the intermediate term and that the company will maintain its moderate financial policy and strong liquidity, S&P said.

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