FOCUS Brands Funding LLC Series 2017-1 Notes Assigned Ratings

OVERVIEW FOCUS Brands Funding LLC's series 2017-1 issuance is backed by existing and future franchise agreements and related franchisee royalties and fees, royalties on existing and future company-owned restaurants, license revenue, vendor rebates, and existing and future intellectual property. We assigned our ratings to the class A-1, A-2-I, and A-2-II notes. The ratings reflect our view of the transaction's structure, projected cash flows, and the strength of the Focus' brands, among other factors. CHICAGO (S&P Global Ratings) April 6, 2017--S&P Global Ratings today assigned its ratings to FOCUS Brands Funding LLC's $800 million senior secured notes series 2017-1 (see list). The note issuance is backed by existing and future franchise agreements and related franchisee royalties and fees, royalties on existing

...OVERVIEW + FOCUS Brands Funding LLC's series 2017-1 issuance is backed by existing and future franchise agreements and related franchisee royalties and fees, royalties on existing and future company-owned restaurants, license revenue, vendor rebates, and existing and future intellectual property. + We assigned our ratings to the class A-1, A-2-I, and A-2-II notes. + The ratings reflect our view of the transaction's structure, projected cash flows, and the strength of the Focus' brands, among other factors. CHICAGO (S&P Global Ratings) April 6, 2017--S&P Global Ratings today assigned its ratings to FOCUS Brands Funding LLC's $800 million senior secured notes series 2017-1 (see list). The note issuance is backed by existing and future franchise agreements and related franchisee royalties and fees, royalties on existing and future company-owned restaurants, license revenue, vendor rebates, and existing and future intellectual property. The ratings reflect: + The strength of the Auntie Anne's,...

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