Press Release|ABS
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KBRA Assigns Ratings to AB Issuer LLC, Series 2026-1 Senior Secured Notes and Takes Other Rating Actions

19 May 2026   |   New York

Contacts

KBRA assigns ratings to AB Issuer LLC (the Issuer), Series 2026-1 (AB Issuer 2026-1), a whole business securitization. AB Issuer 2026-1 represents the Issuer’s third securitization following the establishment of its master trust in 2021. In conjunction with the issuance of the Series 2026-1 Notes, the Series 2021-1 A-1 VFN notes and the Series 2022-1, Class A-1 VFN Notes are being repaid and KBRA is withdrawing the rating on the notes. Additionally, KBRA re-analyzed the Issuer’s outstanding Series 2021-1, Class A-2 Notes and Advance Funding Facility (the Existing Notes, and together with the Series 2026-1 Notes, the Notes) in connection with the Series 2026-1 issuance. The ratings on the Existing Notes are being upgraded, reflecting additional cash flow including from new brands contributed to the securitization, system scale and consistent performance.

Authority Brands, Inc. (Authority Brands, or the Company) is a residential-focused home services platform headquartered in Columbia, Maryland, that operates across 45 US states, as well as the District of Columbia and Canada. The Company operates through three service segments, Indoor, Outdoor and Trades, and manages a portfolio of 14 brands (12 of which are contributed to the securitization).

To access ratings and relevant documents, click here.

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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.

Doc ID: 1015051