KBRA Assigns Preliminary Ratings to Zaxby's Funding LLC, Series 2024-1
02 Mayo 2024 - 3:55PM
Business Wire
KBRA assigns preliminary ratings to two classes of notes from
Zaxby’s Funding LLC, Series 2024-1 (Zaxby’s 2024-1 or Series 2024-1
Notes), a whole business securitization (WBS). In conjunction with
the issuance of Series 2024-1, KBRA expects to affirm the ratings
on the Issuer's outstanding Series 2021-1 Class A-1-VFN, A-1-LR,
and A-2 Notes (the Existing Notes and, together with the Series
2024-1 Notes, the Notes). The ratings are consistent with the
results of our cash flow analysis following the addition of the
Series 2024-1 Notes. Transaction collateral includes existing and
future domestic franchise agreements and associated royalties and
fees, royalties and profits from company-operated restaurants,
certain vendor rebates, rental income, other fees and income, as
well as intellectual property.
To access rating and relevant documents, click here.
Click here to view the report.
Related Publications
- Zaxby’s Funding LLC Surveillance Report
- Zaxby's Funding LLC Series 2021-1 New Issue Report
Methodologies
- ABS: Whole Business Securitization (WBS) ABS Global Rating
Methodology
- Structured Finance: Global Structured Finance Counterparty
Methodology
- ESG Global Rating Methodology
Disclosures
Further information on key credit considerations, sensitivity
analyses that consider what factors can affect these credit ratings
and how they could lead to an upgrade or a downgrade, and ESG
factors (where they are a key driver behind the change to the
credit rating or rating outlook) can be found in the full rating
report referenced above.
A description of all substantially material sources that were
used to prepare the credit rating and information on the
methodology(ies) (inclusive of any material models and sensitivity
analyses of the relevant key rating assumptions, as applicable)
used in determining the credit rating is available in the
Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be
located here.
Further disclosures relating to this rating action are available
in the Information Disclosure Form(s) referenced above. Additional
information regarding KBRA policies, methodologies, rating scales
and disclosures are available at www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit
rating agency registered with the U.S. Securities and Exchange
Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is
registered as a CRA with the European Securities and Markets
Authority. Kroll Bond Rating Agency UK Limited is registered as a
CRA with the UK Financial Conduct Authority. In addition, KBRA is
designated as a designated rating organization by the Ontario
Securities Commission for issuers of asset-backed securities to
file a short form prospectus or shelf prospectus. KBRA is also
recognized by the National Association of Insurance Commissioners
as a Credit Rating Provider.
Doc ID: 1004169
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Analytical Contacts
Chris Baffa, Senior Director (Lead Analyst) +1 646-731-3312
chris.baffa@kbra.com
Thomas Berle Carman, Associate +1 646-731-1241
thomas.carman@kbra.com
Xilun Chen, Managing Director +1 646-731-2431
xilun.chen@kbra.com
Sam Kwak, Associate Director +1 646-731-1319
sam.kwak@kbra.com
Alan Greenblatt, Managing Director (Rating Committee Chair) +1
646-731-2496 alan.greenblatt@kbra.com
Business Development Contact
Arielle Smelkinson, Senior Director +1 646-731-2369
arielle.smelkinson@kbra.com