FOCUS Brands Funding LLC Series 2023-1 Notes Assigned Rating

FOCUS Brands Funding LLC's series 2023-1 issuance is an ABS transaction backed by a security interest in substantially all of the coissuers' and guarantors' assets. We assigned our 'BBB (sf)' rating to the class A-1 notes. The ratings reflect our view of the transaction's diversified portfolio, replaceable manager, and liquidity, among other factors. NEW YORK (S&P Global Ratings) Sept. 14, 2023--S&P Global Ratings today assigned its 'BBB (sf)' rating to FOCUS Brands Funding LLC's $200 million series 2023-1 senior secured notes. FOCUS is a limited-service restaurant company in the quick service and fast casual segments. The company operates and franchises a system of seven distinct brands and is based in Atlanta. The note issuance is an ABS transaction backed by

...- FOCUS Brands Funding LLC's series 2023-1 issuance is an ABS transaction backed by a security interest in substantially all of the coissuers' and guarantors' assets. - We assigned our '### (sf)' rating to the class A-1 notes. - The ratings reflect our view of the transaction's diversified portfolio, replaceable manager, and liquidity, among other factors. NEW YORK (S&P Global Ratings) Sept. 14, 2023--S&P Global Ratings today assigned its '### (sf)' rating to FOCUS Brands Funding LLC's $200 million series 2023-1 senior secured notes. FOCUS is a limited-service restaurant company in the quick service and fast casual segments. The company operates and franchises a system of seven distinct brands and is based in Atlanta. The note issuance is an ABS transaction backed by a security interest in substantially all of the coissuers' and guarantors' assets. The ratings reflect our view of: - The diversified brand portfolio. The portfolio is diversified among brands and across regions, which provides...

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