FOCUS Brands Funding LLC Notes Series 2018-1 Assigned Preliminary Rating

OVERVIEW FOCUS Brands Funding LLC's issuance is an ABS transaction backed by existing and future franchise agreements; related franchisee royalties and fees, royalties on existing and future company-owned restaurants; licensing revenue; vendor payments (excluding Jamba Juice); and existing and future intellectual property. We assigned our preliminary rating to the class A-2 notes. The preliminary rating reflects our view of the transaction's brand strength, legal isolation of the assets, and liquidity, among other factors. NEW YORK (S&P Global Ratings) Oct. 17, 2018--S&P Global Ratings today assigned its 'BBB (sf)' preliminary rating to FOCUS Brands Funding LLC's series 2018-1 senior secured class A-2 notes (see list). The note issuance is an asset-backed securities transaction backed by existing and future franchise agreements; related

...OVERVIEW + FOCUS Brands Funding LLC's issuance is an ABS transaction backed by existing and future franchise agreements; related franchisee royalties and fees, royalties on existing and future company-owned restaurants; licensing revenue; vendor payments (excluding Jamba Juice); and existing and future intellectual property. + We assigned our preliminary rating to the class A-2 notes. + The preliminary rating reflects our view of the transaction's brand strength, legal isolation of the assets, and liquidity, among other factors. NEW YORK (S&P Global Ratings) Oct. 17, 2018--S&P Global Ratings today assigned its '### (sf)' preliminary rating to FOCUS Brands Funding LLC's series 2018-1 senior secured class A-2 notes (see list). The note issuance is an asset-backed securities transaction backed by existing and future franchise agreements; related franchisee royalties and fees, royalties on existing and future company-owned restaurants; licensing revenue;...

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