KBRA Assigns Preliminary Ratings to GoTo Foods Funding LLC and Jamba Juice Funding LLC, Series 2026-1

2026-06-18 · Source: The AI Journal · Field: Finance & Economics — Capital Markets & Investment Management, Banking & Financial Services, Corporate Finance & Treasury · Depth: Intermediate, quick

Summary

KBRA has assigned preliminary ratings to GoTo Foods Funding LLC and Jamba Juice Funding LLC, Series 2026-1 Class A-1 VFN and Class A-2 Notes, a whole business securitization (WBS). This action follows KBRA's analysis confirming sufficient credit enhancement and cash flows to support the ratings. Concurrently with the Series 2026-1 issuance, the Series 2017-1 Class A-2-II, Series 2022-1 Class A-1, and Series 2023-1 Class A-1 Notes are expected to be repaid, leading to their rating withdrawal. KBRA also anticipates affirming ratings on the outstanding Series 2022-1 A-2, Series 2023-2 Class A-2, and Series 2024-1 A-2 Notes. GoTo Foods operates a multi-brand restaurant platform with seven brands, including Auntie Anne's and Jamba, encompassing approximately 7,200 locations across 50 U.S. states and 71 countries. As of the last twelve months ended March 29, 2026, the system was about 98% franchised and generated approximately \$4.1 billion in system-wide sales.

Key takeaway

For investors evaluating whole business securitizations, this KBRA rating action indicates continued stability for GoTo Foods' diversified restaurant platform. You should note the repayment of older series and affirmation of existing notes, which reflects ongoing credit management. Consider these preliminary ratings and the underlying asset performance, including the \$4.1 billion system-wide sales, when assessing your portfolio's exposure to similar multi-brand WBS structures.

Key insights

KBRA assigned preliminary ratings to GoTo Foods' new WBS notes, confirming sufficient credit support for the multi-brand restaurant platform.

Principles

• Credit enhancement supports WBS ratings.
• New WBS issuance can trigger prior series repayment.
• Diversified brand platforms enhance securitization stability.

Method

KBRA's analysis involves assessing existing credit enhancement and cash flows against new whole business securitization (WBS) note issuances to determine rating sufficiency.

In practice

• Monitor WBS note issuance for rating changes.
• Evaluate multi-brand platforms for diversification.
• Review credit enhancement levels for WBS.

Topics

• Credit Ratings
• Whole Business Securitization
• GoTo Foods
• Jamba Juice
• Restaurant Industry
• Structured Finance

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Editorial summary, takeaway, and curation by AIssential. Original article published by The AI Journal.