KBRA assigns preliminary ratings to two classes of notes from Driven Brands Funding LLC, Series 2024-1 (Driven 2024-1 or Series 2024-1). In conjunction with the issuance of the Series 2024-1 Notes, the Series 2018-1 Class A-2 Notes and Series 2019-3 Class A-1 Notes are expected to be refinanced at which time KBRA will withdraw the ratings. At that time, KBRA also anticipates affirming the ratings on the Issuer’s outstanding 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.

The incoming securitized collections are comprised of top-line revenues, which include franchise fees and royalty revenues and product distribution margin, and profits from company stores and other operations.

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Related Publications

• Driven Brands Funding, LLC Comprehensive Surveillance Report (October 2023)
• Driven Brands Funding LLC, Series 2022-1 New Issue Report

Methodologies

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

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: 1004853

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