Driven Brands funding entities secure KBRA rating affirmations on securitized notes
Driven Brands' whole business securitization maintains its current ratings across multiple note series after a fresh credit review. The assessment uses data from the June 2026 reporting period, with a July 2026 payment date, and indicates the existing credit enhancement remains adequate.
Highlights
- KBRA affirmed ratings for multiple Driven Brands Funding and Driven Brands Canada Funding securitized note series through analysis of current credit enhancement.
- Review incorporated data as of the June 2026 reporting period and July 2026 payment date, confirming timely interest and scheduled principal payments.
- Affirmation indicates payment stability and no immediate credit profile deterioration, reinforcing the effectiveness of structural protections for investors.
June 2026 review supports note performance
As reported by Kroll Bond Rating Agency, the affirmed ratings cover the Series 2020-1 Class A-2 Notes, Series 2020-2 Class A-2 Notes, Series 2021-1 Class A-2 Notes, Series 2022-1 Class A-1, Series 2024-1 Class A-1, Series 2024-1 Class A-2, and Series 2025-1 Class A-2 Notes issued by Driven Brands Funding, LLC and Driven Brands Canada Funding Corporation.KBRA says its analysis shows the current level of credit enhancement is sufficient to support the affirmed ratings. The review relates to the issuers' whole business securitization structure.
Implications for structured finance investors
KBRA says the data used for the review is current as of the June 2026 reporting period, with the July 2026 payment date serving as the reference point for performance. The agency also says the securities have received timely interest payments and scheduled principal payments, where applicable.The affirmation signals continued payment stability in the securitized notes and suggests no immediate deterioration in the credit profile assessed in the transaction. For investors in asset-backed and whole business securitization markets, the decision reinforces the view that the existing protections in the structure remain in place.
Our earlier coverage of Hainan Rubber’s proposed subordinated perpetual sustainable securities explained why the planned notes were rated below the issuer rating, reflecting their lower ranking in the capital structure and the ability to defer coupons. We also outlined the group’s leverage and liquidity profile and the key support considerations tied to its government-related status and parent linkage, which framed the credit risks behind the refinancing plan.
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