KBRA assigns preliminary ratings to GoTo Foods Funding LLC and Jamba Juice Funding LLC, Series 2026-1 (GoTo Foods 2026-1) Class A-1 VFN and Class A-2 Notes, a whole business securitization (WBS). The rating actions follow KBRA’s analysis which indicates that existing credit enhancement for the notes and cash flows are sufficient to support the ratings following the issuance of the Series 2026- 1.
In conjunction with the issuance of the Series 2026-1 Notes, 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, at which time, KBRA expects to withdraw the ratings. KBRA also anticipates affirming the ratings on the Co-Issuer’s outstanding Series 2022-1 A-2, Series 2023-2 Class A-2, and Series 2024-1 A-2 Notes.
GoTo Foods is a multi-brand restaurant platform consisting of seven brands: Auntie Anne’s, Carvel, Cinnabon, Jamba, McAlister’s Deli, Moe’s Southwest Grill and Schlotzsky’s, with offerings diversified across snacks, baked goods, frozen desserts, smoothies, deli and Mexican-inspired concepts. The securitized system includes approximately 7,200 locations across all 50 U.S. states and 71 countries and territories. As of the last twelve months (LTM) ended March 29, 2026, the system was approximately 98% franchised by unit count and generated approximately $4.1 billion in system-wide sales (SWS).
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Methodologies
- ABS: Whole Business Securitization (WBS) ABS Global Rating Methodology
- Structured Finance: Global Structured Finance Counterparty Methodology
Disclosures
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.
Doc ID: 1015650
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