KBRA Affirms Ratings for EWC Master Issuer LLC
10 Apr 2024 | New York
Kroll Bond Rating Agency (KBRA) affirms its ratings on two classes of notes (the Notes) and the Advance Funding Facility issued from EWC Master Issuer LLC, a whole business securitization (WBS). The transaction is collateralized by existing and future franchise and area development agreements, supply contracts, profits from wholesale and retail product sales, royalties and other franchise fees and intellectual property. KBRA’s analysis indicated that existing credit enhancement for the Notes is sufficient to support the affirmed ratings, which includes the Advance Funding Facility. The data used for this review is as of the January 2024 reporting period (March 2024 payment date). To date, the securities have received timely interest payments and scheduled principal payments, if applicable.
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