KBRA assigns preliminary ratings to Arby's Funding, LLC, Series 2026-1 Class A-1 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 2020-1 Class A-1 and Class A-2 are expected to be repaid, at which time KBRA expects to withdraw the associated ratings.

Arby’s is a franchisor and operator of limited-service restaurants known for its meat-forward sandwich brand, including roast beef, smoked brisket, turkey, chicken and other made-to-order menu offerings. As of June 28, 2026, the Arby’s system included 3,458 restaurants and generated approximately $4.4 billion in systemwide sales. The pledged collateral consists primarily of existing and future franchise and license agreements, royalties and certain fees, intellectual property, certain real estate assets and related revenues.

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Related Publications

• Arby's Funding, LLC, Series 2020-1 Surveillance Report
• ABS: Arby's Funding, LLC, Series 2020-1 New Issue Report

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.

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