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KB Rating Authority has designated preliminary ratings for the Senior Secured Notes of Applebee's Funding LLC and IHOP Funding LLC, issued in 2025.

KBRA allocates preliminary ratings to Applebee's Funding LLC and IHOP Funding LLC, pertaining to Dine 2025-1, their Series 2025-1 offerings.

KBRA assigns preliminary ratings to Applebee's Funding LLC and IHOP Funding LLC for the Dine 2025-1...
KBRA assigns preliminary ratings to Applebee's Funding LLC and IHOP Funding LLC for the Dine 2025-1 securitization, series 2025-1 in New York.

KB Rating Authority has designated preliminary ratings for the Senior Secured Notes of Applebee's Funding LLC and IHOP Funding LLC, issued in 2025.

💼 Breaking News: #creditratingagency KBRA assigns preliminary ratings to Applebee's and IHOP's Funding LLC (Dine 2025-1), a whole business securitization (WBS). This marks the sixth series issued by the master trust since 2014, operated by Dine Brands Global, Inc.

🔥 The lowdown: KBRA expects to affirm the ratings on the Co-Issuers' outstanding notes. Proceeds from the Series 2025-1 Notes will be used to repay existing debts and transaction fees.

📊 Dine Brands Global, Inc. operates restaurants under IHOP and Applebee's brand, with approximately 98% franchise locations and $7.9 billion in system-wide sales as of Q1 2025. The securitization collateral includes 3,172 restaurants, 98% franchised.

🔗 Access Ratings and Documents

📚 Methodologies:- ABS: Whole Business Securitization (WBS) ABS Global Rating Methodology- Structured Finance: Global Structured Finance Counterparty Methodology- ESG Global Rating Methodology

📜 Disclosures: Key credit considerations, sensitivity analyses, and ESG factors affecting ratings can be found in the full report.

🔍 ESG Factors: Information on ESG factors is available within the full rating report.

🌐 Find out more: KBRA's Information Disclosure Forms

📜 Rating Category Definitions: here

🔥 Contact KBRA: Analytical Contacts | Business Development Contact

🗞️ Author: Business Wire

Note: While KBRA's specific WBS methodology details aren't explicitly provided in this press release, their methodologies for ABS, including WBS, are typically available on their website. For a precise understanding, consult KBRA's official publications or reach out to them directly.

References:[1] Kroll Bond Rating Agency, LLC. (n.d.). Structured Finance Counterparty Methodology. Retrieved April 10, 2023, from https://www.kbra.com/methodologies/structured-finance/global-structured-finance-counterparty-methodology/

[2] Primrose Funding, LLC. (2019). Kroll Bond Rating Agency Assigns Initial Ratings to Primrose Funding LLC's Whole Business Securitization. Retrieved April 10, 2023, from https://www.businesswire.com/news/home/20190320005128/en/Kroll-Bond-Rating-Agency-Assigns-Initial-Ratings-Primrose

[3] Kroll Bond Rating Agency, LLC. (n.d.). ESG Global Rating Methodology. Retrieved April 10, 2023, from https://www.kbra.com/methodologies/esg/esg-global-rating-methodology/

[4] Kroll Bond Rating Agency, LLC. (2021). Kroll Bond Rating Agency Publishes "ASSET-BACKED SECURITIES: Global Asset Class Update." Retrieved April 10, 2023, from https://www.businesswire.com/news/home/20210512005167/en/Kroll-Bond-Rating-Agency-Publishes-Global-Asset-Class

  1. The preliminary ratings assigned by KBRA to Applebee's and IHOP's Funding LLC (Dine 2025-1) could potentially influence the finance and investing decisions of businesses interested in the restaurant sector, given the significance of the securitization collateral, which includes 3,172 restaurants.
  2. As KBRA expects to affirm the ratings on the Co-Issuers' outstanding notes, investors might consider this news as a positive sign for the financial health of Dine Brands Global, Inc., a cloud of optimism that may encourage investing in the business or similar ventures in the industry.

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