FOCUS Brands Funding LLC Series 2017-1 And 2018-1 'BBB (sf)' Ratings Affirmed And Removed From CreditWatch Negative

FOCUS Brands Funding LLC's issuances are securitizations of FOCUS' whole business, which is backed by payments from Auntie Anne's, Cinnabon, Moe's Southwest Grill, Schlotzsky's, Carvel, Jamba, and McAlister's Deli stores. We are affirming our ratings on the series 2017-1 and 2018-1 notes and removing them from CreditWatch negative, where they were placed on April 21, 2020. The affirmations reflect the system's reduced number of temporarily closed stores, continued improvement in consolidated systemwide sales, and projected DSCR metrics that are in line with the current rating level. NEW YORK (S&P Global Ratings) Jan. 14, 2021--S&P Global Ratings today affirmed its 'BBB (sf)' ratings on FOCUS Brands Funding LLC's floating- and fixed-rate senior secured series 2017-1 and 2018-1 notes. At the same

...- FOCUS Brands Funding LLC's issuances are securitizations of FOCUS' whole business, which is backed by payments from Auntie Anne's, Cinnabon, Moe's Southwest Grill, Schlotzsky's, Carvel, Jamba, and McAlister's Deli stores. - We are affirming our ratings on the series 2017-1 and 2018-1 notes and removing them from CreditWatch negative, where they were placed on April 21, 2020. - The affirmations reflect the system's reduced number of temporarily closed stores, continued improvement in consolidated systemwide sales, and projected DSCR metrics that are in line with the current rating level. NEW YORK (S&P Global Ratings) Jan. 14, 2021--S&P Global Ratings today affirmed its '### (sf)' ratings on FOCUS Brands Funding LLC's floating- and fixed-rate senior secured series 2017-1 and 2018-1 notes. At the same time, we removed the ratings from CreditWatch, where they were placed with negative implications on April 21, 2020 (see list). The series 2017-1 and 2018-1 notes are $800 million and $300 million...

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