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KBRA Affirms Ratings for Qdoba Funding LLC

25 Nov 2025   |   New York

Contacts

KBRA affirms its ratings on three classes of notes (the Notes) issued by Qdoba Funding LLC (the Issuer), a whole business securitization (WBS). KBRA’s analysis indicates that existing credit enhancement is sufficient to support the affirmed ratings. The data used for this review is as of the July 2025 reporting period (September 2025 payment date). To date, the rated securities have received timely interest payments and scheduled principal payments, if applicable.

Qdoba is a Mexican fast-casual restaurant that offers chef-inspired and customizable options featuring fresh ingredients including burritos and burrito bowls, tacos, quesadillas and nachos as well as an assortment of limited-time offerings. The Company offers on-premise dining at its restaurants and off-premise dining primarily through online ordering and catering which are supported by integrated food safety and supply chain programs, as well as regional distribution which enables the sourcing of fresh, high quality ingredients.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

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