FOCUS Brands Funding LLC Series 2018-1 Rating Affirmed

OVERVIEW We reviewed our rating on FOCUS Brands Funding LLC's series 2018-1 fixed-rate senior secured notes following the publication of our revised counterparty risk criteria. With our criteria review complete, we affirmed our 'BBB (sf)' rating on the notes. At the same time, we removed the "under criteria observation" identifier from the rating. NEW YORK (S&P Global Ratings) Sept. 4, 2019--S&P Global Ratings today affirmed its 'BBB (sf)' rating on FOCUS Brands Funding LLC's series 2018-1 class A-2 notes. This transaction is a corporate securitization issuance. Upon publication of our revised criteria for assessing counterparty risk in structured finance transactions, we added the "under criteria observation" (UCO) identifier to ratings that could be affected by the change in criteria (see

...September 4, 2019 OVERVIEW - We reviewed our rating on FOCUS Brands Funding LLC's series 2018-1 fixed-rate senior secured notes following the publication of our revised counterparty risk criteria. - With our criteria review complete, we affirmed our '### (sf)' rating on the notes. - At the same time, we removed the "under criteria observation" identifier from the rating. NEW YORK (S&P Global Ratings) Sept. 4, 2019--S&P Global Ratings today affirmed its '### (sf)' rating on FOCUS Brands Funding LLC's series 2018-1 class A-2 notes. This transaction is a corporate securitization issuance. Upon publication of our revised criteria for assessing counterparty risk in structured finance transactions, we added the "under criteria observation" (UCO) identifier to ratings that could be affected by the change in criteria (see "Ratings Placed Under Criteria Observation Due To Revised Counterparty Risk Criteria" and "Counterparty Risk Framework: Methodology And Assumptions," both published March 8, 2019)....

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