Preliminary Rating Assigned To U.K. Corporate Securitization RAC Bond Co.'s Notes

OVERVIEW We have assigned our 'BBB- (sf)' preliminary rating to RAC Bond Co.'s class A1 notes. Our rating on the notes reflects our view of the borrowing group's satisfactory business risk profile, the assets' performance and cash flow generating potential, any structural protections available to the noteholders, and a peer analysis. Under our assessment of the terms of the transaction documents related to the accounts, liquidity facility, the hedges, and the eligible investments, the proposed notes can support a maximum rating of 'BBB- (sf)'. The transaction is a corporate securitization of the operating businesses of the obligors, RAC Bidco (Holdco) and its subsidiaries, which include the borrower, but exclude RAC Insurance. LONDON (Standard&Poor's) April 20, 2016--Standard&Poor's

...OVERVIEW + We have assigned our '###- (sf)' preliminary rating to RAC Bond Co.'s class A1 notes. + Our rating on the notes reflects our view of the borrowing group's satisfactory business risk profile, the assets' performance and cash flow generating potential, any structural protections available to the noteholders, and a peer analysis. + Under our assessment of the terms of the transaction documents related to the accounts, liquidity facility, the hedges, and the eligible investments, the proposed notes can support a maximum rating of '###- (sf)'. + The transaction is a corporate securitization of the operating businesses of the obligors, RAC Bidco (Holdco) and its subsidiaries, which include the borrower, but exclude RAC Insurance. LONDON (Standard & Poor's) April 20, 2016--Standard & Poor's Ratings Services today assigned its preliminary '###- (sf)' credit rating to RAC Bond Co. PLC's class A1 notes (see list below). The transaction is a corporate securitization of the obligors' (RAC...

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