KBRA Assigns Preliminary Ratings to Cajun Global LLC Series 2025-2

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to Cajun Global LLC (the Master Issuer) Series 2025-2 (Cajun 2025-2). Cajun 2025-2 represents the Master Issuer’s fifth securitization following the establishment of the master trust in 2011. In conjunction with the issuance of the Series 2025-2 Notes, KBRA anticipates affirming the ratings on the Securitization Entity’s outstanding Series 2025-1 Class A notes and withdrawal of Series 2021-1 Class A-1 LR, Class A-1 VFN, and Class A-2 notes.

Cajun Operating Company (Cajun, Church’s or the Company) is the Manager and operator of restaurants under the Church’s/Texas Chicken brand. The company is one of the largest quick-service chicken restaurant chains in the world. The brands specialize in original and spicy chicken freshly prepared throughout the day in small batches that are hand-battered and double-breaded, tenders, sandwiches, freshly baked Honey-Butter Biscuits and classic, home-style sides.

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Related Publication

• Cajun Global, LLC Series 2025-1 New Issue Report

Methodologies

• ABS: Whole Business Securitization (WBS) ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating 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: 1011676