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KBRA Affirms Ratings for Five Guys Funding, LLC and Five Guys Global Franchising B.V.

6 Nov 2025   |   New York

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KBRA affirms its ratings on three outstanding Series of Notes issued by Five Guys Funding, LLC, Series 2021-1, Series 2022-1 and Series 2023-1 (the Existing Notes). An unrated Series 2025-1, Class A-1-LR liquidity note of up to $15 million is also being issued, representing the fifth Whole Business Securitization (WBS) issued by Five Guys Funding, LLC (the Master Issuer) following the inaugural issuance in 2017 and the first for Five Guys Global Franchising B.V., (the Dutch Co-Issuer, and together with the Master Issuer, the Co-Issuers). On the Series 2025-1 closing date, Five Guys Global Franchising B.V. will become a co-issuer of the Existing Notes issued by the Master Issuer. KBRA’s analysis indicates that existing credit enhancement for the Notes is sufficient to support the affirmed ratings. The data used for this review is as of the June 2025 reporting period (July 2025 payment date) and takes into account the issuance of the Series 2025-1, Class A-1-LR notes. Since transaction closing, all timely note interest and scheduled principal payments have been paid on the Existing Notes.

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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), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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