...Qualitative Attribute Framework: As per the rating criteria for UK Whole Business Securitisations, Fitch Ratings assigns qualitative attributes to key rating drivers (KRD) and sub- KRDs and calibrates them to industries within the Fitch UK WBS universe. Sub-KRDs do not follow a fixed weighting approach to arrive at a KRD attribute. As a general guideline, where one factor is significantly weaker than others, this tends to attract a greater weight in the analysis. Industry Profile Application: This report explains the application of the first KRD of Fitchs rating criteria for UK WBS, which is industry profile, to the UK pub sector. Additionally, it provides guidance for approximate free cash flow debt service coverage ratios (FCF DSCR) in relation to rating levels for the UK WBS pub transactions. Differentiation Between Operating Models: While the industry profile is applied to the UK pub sector as a whole, Fitch recognises differences between the managed pub business model and the leased/tenanted...
