NEW YORK, May 15, 2025--(BUSINESS WIRE)--KBRA assigns preliminary ratings to Primrose Funding, LLC (the Issuer) and Primrose Funding Sub Issuer, LLC (the Subnote Issuer and, together with the Issuer, the Issuers), Series 2025-1 Class A-1 and Class A-2 Notes (Primrose 2025-1), a whole business securitization (WBS). Primrose 2025-1 represents the sixth securitization issued by Primrose Funding, LLC and/or the Subnote Issuer, following the establishment of the master trust in 2019. In conjunction with the issuance of the Series 2025-1, KBRA anticipates affirming and withdrawing the ratings on the Issuer’s outstanding notes.
Primrose School Franchising Company LLC (Primrose or the Company) is a leading provider of premium early childhood education and childcare in the United States. The Primrose franchise network provides a variety of curricula including arts, mathematics, language and literacy and social-emotional development, to customers through its system of 532 schools across 34 states and Washington DC, as of March 31, 2025. The Primrose System had enrollment capacity of approximately 99,000 and generated over $1.4 billion of system-wide sales at its schools during the twelve months ended (LTM) March 31, 2025. The system is 100% franchised with over 333 franchisees, each owning, on average, approximately 1.6 schools as of March 31, 2025.
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Methodologies
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ABS: Whole Business Securitization (WBS) ABS Global Rating Methodology
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Structured Finance: Global Structured Finance Counterparty Methodology
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