Press Release|ABS
View PDF

KBRA Affirms Ratings for Subway Funding LLC

12 Sep 2025   |   New York

Contacts

KBRA affirms its ratings on eight classes of notes (the Notes or Class A Notes) from Subway Funding LLC (the Issuer), a whole business securitization (WBS). KBRA’s analysis indicated that existing credit enhancement for the Notes is sufficient to support the affirmed ratings. The data used for this review is as of the June 2025 quarterly period (July 2025 payment date). To date, the rated securities have received timely interest payments and scheduled principal payments, if applicable.

Subway Funding LLC (the Issuer) has three series of notes outstanding. Franchise World Headquarters is the Manager and operator while Doctor’s Associates LLC is the franchisor of restaurants under the Subway brand. Subway is the largest franchisor in the limited-service restaurant category in the United States by unit count and is known for its customizable sandwiches.

Click here to view the report.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

Related Publication

Methodologies

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: 1011277