FOCUS Brands Funding LLC Series 2023-2 Notes Assigned Rating

FOCUS Brands Funding LLC's issuance is an ABS securitization backed by a security interest in substantially all of the co-issuers' and guarantors' assets. We assigned our 'BBB (sf)' rating to the class A-2 notes. The rating reflects our view of the transaction's diversified portfolio and liquidity, among other factors. NEW YORK (S&P Global Ratings) Nov. 29, 2023--S&P Global Ratings today assigned its 'BBB (sf)' rating to FOCUS Brands Funding LLC's (FOCUS's) series 2023-2 class A-2 senior secured notes. The note issuance is an ABS securitization backed by a security interest in substantially all of the co-issuers' and guarantors' assets. The rating reflects our view of: The diversified portfolio of the manager's brands. This diversification among brands and across regions provides

...- FOCUS Brands Funding LLC's issuance is an ABS securitization backed by a security interest in substantially all of the co-issuers' and guarantors' assets. - We assigned our '### (sf)' rating to the class A-2 notes. - The rating reflects our view of the transaction's diversified portfolio and liquidity, among other factors. NEW YORK (S&P Global Ratings) Nov. 29, 2023--S&P Global Ratings today assigned its '### (sf)' rating to FOCUS Brands Funding LLC's (FOCUS's) series 2023-2 class A-2 senior secured notes. The note issuance is an ABS securitization backed by a security interest in substantially all of the co-issuers' and guarantors' assets. The rating reflects our view of: - The diversified portfolio of the manager's brands. This diversification among brands and across regions provides a wide range of meal options to consumers, which may result in greater average unit volume and unit count stability as a whole in future economic downturns. - The replaceable manager. The manager's responsibilities...

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