RAC Bond Co. U.K. Corporate Securitization Ratings Affirmed Following Review - S&P Global Ratings’ Credit Research

RAC Bond Co. U.K. Corporate Securitization Ratings Affirmed Following Review

RAC Bond Co. U.K. Corporate Securitization Ratings Affirmed Following Review - S&P Global Ratings’ Credit Research
RAC Bond Co. U.K. Corporate Securitization Ratings Affirmed Following Review
Published Jul 29, 2019
4 pages (1694 words) — Published Jul 29, 2019
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

We have affirmed our ratings on RAC Bond Co.'s class A1, A2, and B1-Dfrd notes following our review of its performance under our criteria for rating corporate securitizations. 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) July 29, 2019—S&P Global Ratings today affirmed its 'BBB- (sf)' credit ratings on RAC Bond Co. PLC's class A1 and A2 notes, and its 'B (sf)' rating on the class B1-Dfrd notes (see list above). 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 RAC's operating business in the U.K.

  
Brief Excerpt:

...- We have affirmed our ratings on RAC Bond Co.'s class A1, A2, and B1-Dfrd notes following our review of its performance under our criteria for rating corporate securitizations. - 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) July 29, 2019--S&P Global Ratings today affirmed its '###- (sf)' credit ratings on RAC Bond Co. PLC's class A1 and A2 notes, and its 'B (sf)' rating on the class B1-Dfrd notes (see list above). 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 RAC's operating business 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 & financial services, but exclude RAC Insurance Ltd. and RACMS (Ireland)...

  
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. U.K. Corporate Securitization Ratings Affirmed Following Review" Jul 29, 2019. Alacra Store. May 09, 2025. <http://www.alacrastore.com/s-and-p-credit-research/RAC-Bond-Co-U-K-Corporate-Securitization-Ratings-Affirmed-Following-Review-2273004>
  
APA:
S&P Global Ratings’ Credit Research. (). RAC Bond Co. U.K. Corporate Securitization Ratings Affirmed Following Review Jul 29, 2019. New York, NY: Alacra Store. Retrieved May 09, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/RAC-Bond-Co-U-K-Corporate-Securitization-Ratings-Affirmed-Following-Review-2273004>
  
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