KBRA assigns preliminary ratings to two classes of notes from Servpro Master Issuer LLC (the Issuer), Series 2024-1 (Servpro 2024-1), a whole business securitization (WBS). In conjunction with the issuance of Servpro 2024-1, the Servpro 2019-1 Class A-1 Notes are expected to be refinanced, at which time KBRA will withdraw the rating. At that time, KBRA also anticipates affirming the ratings on the Issuer’s outstanding Series 2019-1 Class A-2 Notes, Series 2021-1 Class A-2 Notes, and Series 2022-1 Class A-2 Notes (the Existing Notes and, together with the Series 2024-1 Notes, the Notes). The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2024-1 Notes, which will share in the same collateral pool as the other series.

Founded in 1967, SERVPRO is the largest provider of property cleaning and restoration in the United States, focused primarily on restoring properties affected by water, fire, mold and other damage; the Company also provides reconstruction services for both residential and commercial properties. As of September 30, 2023, SERVPRO’s network includes 2,204 independently owned and operated franchises. As of the last twelve-month period ended September 30, 2023 (LTM Q3 2023), the company generated approximately $4.4 billion in systemwide sales. The system is 100% franchised.

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Related Publications

• Servpro Master Issuer LLC Comprehensive Surveillance Report
• Servpro Master Issuer LLC Series 2022-1 New Issue Report
• Whole Business Securitization Global Rating Methodology
• 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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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