KBRA Assigns Ratings to Zaxby's Funding LLC, Series 2024-1 and Takes Other Rating Actions
10 May 2024 | New York
KBRA assigns ratings to two classes of notes from Zaxby’s Funding LLC, Series 2024-1 (Zaxby’s 2024-1 or Series 2024-1 Notes), a whole business securitization (WBS). In conjunction with the issuance of Series 2024-1, KBRA affirms the ratings on the Issuer's outstanding Series 2021-1 Class A-1-VFN, A-1-LR, and A-2 Notes (the Existing Notes and, together with the Series 2024-1 Notes, the 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 agreements and associated royalties and fees, royalties and profits from company-operated restaurants, certain vendor rebates, rental income, other fees and income, as well as intellectual property.
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