RAC Bond Co. Plc Class B2-Dfrd U.K. Corporate Securitization Notes Assigned Preliminary Ratings

We have assigned our preliminary 'B+ (sf)' credit rating to RAC Bond Co.'s class B2-Dfrd notes. At closing, the borrower will use the issuance proceeds to pay a dividend to RAC Midco II, the entity directly outside the securitization group, when escrow release conditions are met. The proceeds from the issuance of the class B2-Dfrd notes will be held in an escrow account until escrow release conditions are met. RAC Bond Co.'s financing structure blends a corporate securitization of RAC's operating business in the U.K. with a subordinated high-yield issuance. LONDON (S&P Global Ratings) Oct. 19, 2021--S&P Global Ratings today assigned its preliminary 'B+ (sf)' credit rating to RAC Bond Co. PLC's new fixed-rate £345 million class B2-Dfrd notes. Our

...- We have assigned our preliminary 'B+ (sf)' credit rating to RAC Bond Co.'s class B2-Dfrd notes. - At closing, the borrower will use the issuance proceeds to pay a dividend to RAC Midco II, the entity directly outside the securitization group, when escrow release conditions are met. - The proceeds from the issuance of the class B2-Dfrd notes will be held in an escrow account until escrow release conditions are met. - RAC Bond Co.'s financing structure blends a corporate securitization of RAC's operating business in the U.K. with a subordinated high-yield issuance. LONDON (S&P Global Ratings) Oct. 19, 2021--S&P Global Ratings today assigned its preliminary 'B+ (sf)' credit rating to RAC Bond Co. PLC's new fixed-rate ú345 million class B2-Dfrd notes. Our preliminary rating on these junior notes only addresses the ultimate payment of interest and ultimate payment of principal on the legal final maturity date. RAC Bond Co. PLC is a whole business securitization of RAC Bidco Ltd.'s (RAC) operating...

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