Rating agency timing was once again being questioned with the Feb. 21 downgrade by Fitch Ratings of Welcome Break Finance PLC and RoadChef Finance.

The Welcome Break Finance PLC downgrades were as follows: Class A1 to triple-B-plus (from A); Class A2 to triple-B-plus (from A); Class A3 to triple-B-plus (from A); Class B to double B (from BBB). The RoadChef downgrades affected the Class A1 and A2 notes, which were downgraded to triple-B from single-A, and the Class B notes, which were downgraded to double-B from triple-B.

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