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 31, 2020
4 pages (1835 words) — Published Jul 31, 2020
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 31, 2020--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. 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

  
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 31, 2020--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. 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 and financial services, but exclude RAC Insurance Ltd. and RACMS (Ireland) Ltd. The...

  
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 31, 2020. 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-2488757>
  
APA:
S&P Global Ratings’ Credit Research. (). RAC Bond Co. U.K. Corporate Securitization Ratings Affirmed Following Review Jul 31, 2020. 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-2488757>
  
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