KBRA Assigns Ratings to Goddard Funding LLC Series 2024-1, and Takes Other Rating Actions
19 Jul 2024 | New York
KBRA assigns ratings to Goddard Funding LLC Series 2024-1. Goddard 2024-1 represents Goddard Systems, LLC (Goddard or the Company) third securitization following the establishment of the master trust in 2022. In conjunction with the issuance of the Series 2024-1, KBRA affirms the ratings on Goddard Funding LLC's (the Issuer) outstanding Series 2022-1 Class A-1-VFN, Series 2022-1 Class A-2, and Series 2022-1 Class A-1-LR Notes. The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2024-1 Notes. The ratings on the Series 2023-1 Class A-1-VFN and Class A-1-LR Notes have been withdrawn, as proceeds from the Series 2024-1 will be used to repay the Series 2023-1 Class A-1-VFN Notes in full (and the Series 2023-1 Class A-1-LR Notes have not been drawn). Transaction collateral includes existing and future franchise agreements and associated royalties and fees, other fees and income and intellectual property.
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