Press Release|ABS
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KBRA Assigns Preliminary Ratings to Scooter’s Coffee Issuer, LLC & Harvest Roasting Issuer, LLC, Series 2026-1 Senior Secured Notes

26 May 2026   |   New York

Contacts

KBRA assigns preliminary ratings to Scooter’s Coffee Issuer, LLC & Harvest Roasting Issuer, LLC (the Co-Issuers), Series 2026-1, Class A-1, Class A-1 Advance Funding Facility and Class A-2 Notes, a whole business securitization (WBS). The transaction represents the Co-Issuers’ inaugural securitization in which Scooter’s Coffee, LLC (Scooter’s, the Manager or the Company) is contributing substantially all of its revenue-generating assets to the Co-Issuers as collateral for the offered notes.

Founded in 1998, Scooter’s is a beverage franchisor known for its coffee-focused offerings, originating in the Midwest. The system consists of 910 units across 32 states and is approximately 98% franchised across multiple formats, including kiosks, endcaps with drive-thru, coffeehouses with drive-thru and non-traditional locations. The system generated $828 million in system-wide sales (SWS) for the trailing 52-week period ended March 31, 2026.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

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: 1015116