Anyone that has ever held a mortgage knows that buying debt is an everyday practice.
Despite all the drama surrounding the AA debate with Sabre and Travelport, the GDS business is a solid business and the purchase of that debt is something that will appeal to a wide range of financial players.
The GDS business has adjusted to a wide range of external factors over the past 30 years and despite the pressure of channel shift that is intensifying, it has consistently produced solid returns in line with expectations for its investors (whether the airlines that originally owned the businesses, the public or private equity companies).
If a ride on a roller coaster is “business as usual”, then yes, it is business as usual for Travelport. But it is not their debt rating that is causing the roller coaster. It is just adding an interesting dimension to the ride.