KBRA Affirms Ratings for Applebee's Funding LLC & IHOP Funding LLC
17 Apr 2024 | New York
KBRA affirms its ratings on two classes of notes (the Notes) issued from Applebee’s Funding LLC and IHOP Funding LLC, a whole business securitization (WBS). The transaction is collateralized by existing and future domestic area development and franchise agreements, royalties from company-operated locations, certain owned properties and lease payments, certain franchise note and equipment lease payments, profits from distribution arrangement, and intellectual property. KBRA’s analysis indicated that existing credit enhancement for the Notes is sufficient to support the affirmed ratings. The data used for this review is as of the December 2023 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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