KBRA Assigns Preliminary Ratings to Driven Brands Funding LLC, Series 2024-1
June 24 2024 - 10:56AM
Business Wire
KBRA assigns preliminary ratings to two classes of notes from
Driven Brands Funding LLC, Series 2024-1 (Driven 2024-1 or Series
2024-1). In conjunction with the issuance of the Series 2024-1
Notes, the Series 2018-1 Class A-2 Notes and Series 2019-3 Class
A-1 Notes are expected to be refinanced at which time KBRA will
withdraw the ratings. At that time, KBRA also anticipates affirming
the ratings on the Issuer’s outstanding 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.
The incoming securitized collections are comprised of top-line
revenues, which include franchise fees and royalty revenues and
product distribution margin, and profits from company stores and
other operations.
To access rating and relevant documents, click here.
Click here to view the report.
Related Publications
- Driven Brands Funding, LLC Comprehensive Surveillance Report
(October 2023)
- Driven Brands Funding LLC, Series 2022-1 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: 1004853
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Analytical Contacts
Matthew Gardener, Director (Lead Analyst) +1 646-731-1276
matthew.gardener@kbra.com
Yash Talathi, Analyst +1 646-731-1214 yash.talathi@kbra.com
Xilun Chen, Managing Director +1 646-731-2431
xilun.chen@kbra.com
Shane Olaleye, Managing Director +1 646-731-2432
shane.olaleye@kbra.com
Eric Neglia, Head of Commercial and Consumer ABS (Rating
Committee Chair) +1 646-731-2456 eric.neglia@kbra.com
Business Development Contact
Arielle Smelkinson, Senior Director +1 646-731-2369
arielle.smelkinson@kbra.com