...OVERVIEW + We have affirmed our credit ratings on RAC Bond Co.'s notes. + Our ratings reflect considerations including our view of the borrowing group's satisfactory business risk profile, and the assets' performance and cash flow generating potential. + RAC Bond Co. is a whole business securitization of RAC Bidco's operating businesses. RAC Bond Co.'s financing structure blends a corporate securitization of the operating business of the RAC Bidco 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, insurance brokering, motoring services, and telematics and data services. LONDON (S&P Global Ratings) July 19, 2018--S&P Global Ratings today affirmed its credit ratings on RAC Bond Co. PLC's class A1, A2, and B1 Dfrd notes (see list below). RAC Bond Co.'s financing structure blends a corporate securitization of the operating business of the RAC Bidco Ltd. (RAC) in the U.K....
