KBRA Assigns Preliminary Ratings to DB Master Finance LLC, Series 2026-1 Senior Secured Notes

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to DB Master Finance LLC, Series 2026-1 Class A-1, Class A-2-I and Class A-2-II 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 2021-1 Class A-2-I Notes will be refinanced, and the outstanding principal balance on the Series 2019-1 Class A-1 Notes and Series 2023-1 Class A-1 Notes is expected to be paid down. KBRA anticipates withdrawing the ratings on Issuer’s Series 2021 Class A-2-I Notes and Series 2023-1 Class A-1 Notes and affirming the Series 2021-1 Class A-2-II Notes, Series 2021-1 Class A-2-III Notes, Series 2025-1 Class A-2-I and Series 2025-1 Class A-2-II Notes (together, the “Existing Notes”). The Existing Notes are pari passu with the Series 2026-1, Class A Notes. KBRA’s existing ratings are only for the Series 2021-1, the Series 2023-1 and the Series 2025-1.

As of December 28, 2025 (Q4 2025), the Dunkin’ Brands restaurant system included over 22,100 units across 48 U.S. states, the District of Columbia, Puerto Rico, and 53 international markets, generating approximately $16.8 billion in annual systemwide sales. Approximately 82% of systemwide sales were generated in the U.S., with the remaining 18% from international markets. Transaction cash flows are supported by royalty payments from 100% franchised locations.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

• DB Master Finance LLC Comprehensive Surveillance Report
• DB Master Finance LLC, Series 2025-1 New Issue Report
• DB Master Finance LLC Series 2023-1 Rating 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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