Press Release|ABS

KBRA Upgrades Ratings on SEB Funding LLC, Series 2021-1

11 Apr 2024   |   New York


KBRA upgraded each of the three ratings on SEB Funding LLC, Series 2021-1 and removed them from Watch Upgrade, where they were placed on March 11, 2024. The Watch Upgrade reflected the merger between Self Esteem Brands LLC and Orangetheory Fitness (the Business Combination) and the additional cash flow and increased system scale from the combined system. The combined Self Esteem Brands LLC (Self Esteem or SEB) and Orangetheory Fitness (OTF, and together with SEB, the Company) system is the largest health and wellness franchisor and operator of health and wellness brands in the world based on location count, according to the Company.

To access rating and relevant documents, click here.

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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

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: 1003915

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