Welcome Break plc, the U.K.-based motorway operator, was back in the market negotiating yet another round of refinancing in an attempt to save its securitization from falling into junk oblivion.

The ratings saga for this operating company securitization began last year, with Fitch Ratings taking action on the deal after keeping it on watch for nearly a year (see ASR 3/4/02). The class A1, A2 and A3 notes were all downgraded to BBB+' from A', and a class B tranche was downgraded to BB' from BBB'. At the time, analysts noted that future sale/lease-backed transactions executed by the company could result in further rating volatility. Fitch decided to keep the notes on ratings watch negative.

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