RAC Bond Co. PLC Class A2 And B2-Dfrd U.K. Corporate Securitization Ratings Affirmed - S&P Global Ratings’ Credit Research

RAC Bond Co. PLC Class A2 And B2-Dfrd U.K. Corporate Securitization Ratings Affirmed

RAC Bond Co. PLC Class A2 And B2-Dfrd U.K. Corporate Securitization Ratings Affirmed - S&P Global Ratings’ Credit Research
RAC Bond Co. PLC Class A2 And B2-Dfrd U.K. Corporate Securitization Ratings Affirmed
Published Aug 18, 2023
4 pages (1906 words) — Published Aug 18, 2023
Price US$ 150.00  |  Buy this Report Now

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Abstract:

We affirmed our 'BBB (sf)' and 'B+ (sf)' ratings on RAC Bond Co. PLC's class A2 and B2-Dfrd notes, respectively, following our review of RAC's performance. RAC Bond Co.'s financing structure blends a corporate securitization of the operating businesses of RAC in the U.K. with a subordinated high-yield issuance. LONDON (S&P Global Ratings) Aug. 18, 2023--S&P Global Ratings today affirmed its 'BBB (sf)' and 'B+ (sf)' credit ratings on RAC Bond Co. PLC's class A2 and B2-Dfrd notes, respectively. RAC Bond Co. PLC is a whole business securitization of RAC Bidco Ltd.'s (RAC) operating businesses. RAC Bond Co.'s financing structure blends a corporate securitization of the operating business of RAC in the U.K. with a subordinated high-yield issuance. The transaction

  
Brief Excerpt:

...- We affirmed our '### (sf)' and 'B+ (sf)' ratings on RAC Bond Co. PLC's class A2 and B2-Dfrd notes, respectively, following our review of RAC's performance. - RAC Bond Co.'s financing structure blends a corporate securitization of the operating businesses of RAC in the U.K. with a subordinated high-yield issuance. LONDON (S&P Global Ratings) Aug. 18, 2023--S&P Global Ratings today affirmed its '### (sf)' and 'B+ (sf)' credit ratings on RAC Bond Co. PLC's class A2 and B2-Dfrd notes, respectively. RAC Bond Co. PLC is a whole business securitization of RAC Bidco Ltd.'s (RAC) operating businesses. RAC Bond Co.'s financing structure blends a corporate securitization of the operating business of RAC in the U.K. with a subordinated high-yield issuance. The transaction is backed by future cash flows generated by the operating businesses, which include roadside services and insurance and financial services, but exclude RAC Insurance Ltd. and RACMS (Ireland) Ltd. In our opinion, the transaction...

  
Report Type:

Ratings Action

Issuer
RAC Bond Co. PLC
Sector
Structured Finance
Country
United Kingdom
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "RAC Bond Co. PLC Class A2 And B2-Dfrd U.K. Corporate Securitization Ratings Affirmed" Aug 18, 2023. Alacra Store. May 08, 2025. <http://www.alacrastore.com/s-and-p-credit-research/RAC-Bond-Co-PLC-Class-A2-And-B2-Dfrd-U-K-Corporate-Securitization-Ratings-Affirmed-3043929>
  
APA:
S&P Global Ratings’ Credit Research. (). RAC Bond Co. PLC Class A2 And B2-Dfrd U.K. Corporate Securitization Ratings Affirmed Aug 18, 2023. New York, NY: Alacra Store. Retrieved May 08, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/RAC-Bond-Co-PLC-Class-A2-And-B2-Dfrd-U-K-Corporate-Securitization-Ratings-Affirmed-3043929>
  
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