KBRA Assigns Ratings to Planet Fitness Master Issuer LLC, Series 2024-1, and Takes Other Rating Actions
12 Jun 2024 | New York
KBRA assigns ratings to two classes of notes from Planet Fitness Master Issuer LLC, Series 2024-1 (Planet Fitness 2024-1 or Series 2024-1 Notes), a whole business securitization (WBS). In conjunction with the issuance of the Series 2024-1, Class A-2-I Notes and Series 2024-1, Class A-2-II Notes (the Series 2024-1 Notes), KBRA has affirmed the ratings on the Master Issuer’s outstanding Series 2019-1, Class A-2, Series 2022-1, Class A-1, Series 2022-1, Class A-2-I, and Series 2022-1, Class A-2-II Notes (the Existing Notes, and together with the Series 2024-1 Class A-Notes, the Notes) and has withdrawn the rating on the Master Issuer’s Series 2018-1, Class A-2-II Notes, which are expected to be redeemed in full through proceeds generated from issuing the Series 2024-1 Notes. The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2024-1 Notes. Transaction collateral includes existing and future domestic franchise and development agreements and certain vendor contracts, profits from domestic corporate-owned locations, profits from domestic equipment sales, certain other commission and franchise payments, and domestic and Canadian intellectual property.
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