KBRA Assigns Ratings to Driven Brands Funding LLC, Series 2024-1 and Takes Other Rating Actions
29 Jul 2024 | New York
KBRA assigns 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 being refinanced and KBRA is withdrawing the ratings. KBRA is also affirming the ratings on the Issuer’s outstanding 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.
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