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KBRA Assigns Rating to Subway Funding LLC, Series 2024-2 and Takes Other Rating Actions

19 Jul 2024   |   New York

Contacts

KBRA assigns a rating to the Series 2024-2 Class A-1-VFN Notes (the Series 2024-2 Notes) and affirms each of the four outstanding ratings of the Series 2024-1 Notes (the Existing Notes and, together with the Series 2024-2 Notes, the Notes) issued by Subway Funding, LLC (the Issuer). The rating actions follow KBRA’s analysis which indicated that cash flows are sufficient to support the Series 2024-1 ratings following the issuance of the Series 2024-2 Notes. No payment date has passed since the transaction closed in June 2024, and as such the Existing Notes have not yet received interest and scheduled principal payments.

The Series 2024-2 Notes represents the Issuer’s second securitization. The Series 2024-2 Class A-1-VFN Notes are variable funding notes (VFN) with interest payments that are pari passu with the Existing Notes.

To access rating and relevant documents, click here.

Click here to view the report.

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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1005134

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