Reaffirmation of S&P credit rating

13 April 2018

AA Bond Co Limited

Incorporated with limited liability in Jersey with registered number 112992

This announcement contains inside information

The AA welcomes reaffirmation of S&P credit rating

The AA welcomes the announcement from S&P Global Ratings today reaffirming the credit rating of its Class A Notes at BBB-. It has also reaffirmed its B+ rating on the class B2 notes.

The S&P announcement is available on the AA plc website at www.theaaplc.com

Martin Clarke, CFO, commented:

"We are pleased that S&P Global Ratings have reaffirmed the BBB- credit rating of the Class A Notes, confirming the resilient and low risk nature of our balance sheet as well as the credit enhancing characteristics of the Whole Business Securitisation. The strategy set out in February will allow the AA to stabilise and grow Roadside and accelerate growth in Insurance, to create shareholder value and, in time, de-lever.

"We are committed to maintaining a disciplined and proactive approach to our capital structure and to delivering long term growth for bond and equity holders."

Further enquiries

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