...- We have raised 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 and the recent amendments to the transaction documents. - 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) April 21, 2021--S&P Global Ratings today raised to '### (sf)' from '###- (sf)' its credit ratings on RAC Bond Co. PLC's class A1 and A2 notes, and to 'B+ (sf)' from 'B (sf)' the 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...
