KBRA Assigns Preliminary Ratings to DB Master Finance LLC, Series 2025-1 Senior Secured Notes

KBRA assigns preliminary ratings to two classes of notes from DB Master Finance LLC, Series 2025-1. KBRA is assigning preliminary ratings to the Series 2025-1 Class A-2-I and Class A-2-II Notes and anticipates affirming each of the outstanding ratings on the Series 2021-1, and 2023-1 Class A-1 Notes issued by DB Master Finance LLC (the Master Issuer), 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 2025- 1 Class A-2-I and A-2-II Notes.

The Series 2025-1 Class A-2-I and A-2-II Notes are fixed rate notes with interest payments that are pari passu with the Master Issuer’s Series 2017-1 Class A-2-II Notes, Series 2019-1 Class A-1 Notes, Series 2019-1 Class A-2-III Notes, and Series 2021-1 Class A-2-I, Class A-2-II, and Class A-2-III Notes (collectively, the Notes), which have an aggregate outstanding balance of approximately $4.6 billion. KBRA’s existing ratings are assigned only to the Series 2021-1 Class A-2-I Notes, Class A-2-II Notes, and Class A-2-III Notes and the Series 2023-1 Class A-1 Notes.

As of June 29, 2025 (Q2 2025), the Dunkin’ Brands restaurant system included 22,228 restaurants with annual system-wide sales of approximately $16.3 billion, with 82.4% of sales from the US and 17.6% from international locations. The transaction includes royalty payments from 100% franchise locations.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

• DB Master Finance LLC Series 2023-1 Rating Report
• DB Master Finance LLC Comprehensive Surveillance 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: 1011604

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