KBRA Releases Initial Ratings for Zaxby’s Funding LLC, Series 2024-1

KBRA has preliminarily rated 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). These ratings are part of our assessment alongside the issuance of Series 2024-1, and we anticipate affirming the ratings on the Issuer’s existing Series 2021-1 Class A-1-VFN, A-1-LR, and A-2 Notes (collectively referred to as the Existing Notes, along with the Series 2024-1 Notes as the Notes). Our ratings align with the results of our cash flow analysis post the inclusion of the Series 2024-1 Notes. The transaction collateral comprises existing and forthcoming domestic franchise agreements, 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.

For access to the rating and relevant documents, please visit the provided link.

To view the report, click here.

Related Publications:

  • Zaxby’s Funding LLC Surveillance Report
  • Zaxby’s Funding LLC Series 2021-1 New Issue Report


  • ABS: Whole Business Securitization (WBS) ABS Global Rating Methodology
  • Structured Finance: Global Structured Finance Counterparty Methodology
  • ESG Global Rating Methodology


For comprehensive insights into key credit considerations, sensitivity analyses reflecting potential factors impacting credit ratings leading to either an upgrade or a downgrade, and ESG factors (particularly if they significantly influence the credit rating or rating outlook), please refer to the complete rating report mentioned above.

Details regarding all substantially material sources used in compiling the credit rating, along with information on the methodology(ies) (including any significant models and sensitivity analyses of key rating assumptions, as applicable) employed in determining the credit rating, are accessible in the Information Disclosure Form(s) provided here.

For an understanding of the significance of each rating category, please visit this link.

Further disclosures pertaining to this rating action are available in the referenced Information Disclosure Form(s). More information about KBRA’s policies, methodologies, rating scales, and disclosures can be found at www.kbra.com.

About KBRA:

Kroll Bond Rating Agency, LLC (KBRA) is a comprehensive credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. KBRA Europe Limited is registered as a CRA with the European Securities and Markets Authority, while KBRA UK Limited is registered as a CRA with the UK Financial Conduct Authority. Additionally, KBRA is designated as a rating organization by the Ontario Securities Commission for asset-backed securities issuers to file a short form or shelf prospectus. KBRA is also acknowledged by the National Association of Insurance Commissioners as a Credit Rating Provider.

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