S&P affirms, withdraws RAC Bidco

S&P said it affirmed the B long-term corporate credit rating on RAC Bidco Ltd. and subsequently withdrew the rating at the issuer's request.

The outlook was stable at the time of withdrawal.

The agency said the action does not have any impact on the BBB- (sf) ratings on RAC Bondco plc's class A notes or the B (sf) rating on its class B1-Dfrd notes.

“At the time of withdrawal, RAC Bidco's business risk profile reflected the company's good customer retention, membership-based operating model, its national scale, strong brand recognition in the United Kingdom, and above-average profitability for the services sector,” S&P said in a news release.

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