KBRA assigns a preliminary rating to Wingstop Funding LLC (the Issuer), Series 2024-1 (Wingstop 2024-1). Wingstop 2024-1 represents the Issuer's fourth securitization following the establishment of the master trust in November 2018. In conjunction with the issuance of the Series 2024-1 Notes, KBRA anticipates affirming the ratings on the Issuer’s outstanding notes.

Wingstop Restaurants Inc. (Wingstop or the Company) is the Manager and operator of the Wingstop system. Founded in 1994, Wingstop is the largest fast casual chicken wings-focused chain in the world. As of September 2024 (Q3 2024), the Wingstop restaurant system was approximately 97.7% franchised with 2,458 restaurants across 45 states and nine countries (not including the U.S.). As of the last twelve months Q3 2024, the Company’s revenue-generating assets produced approximately $4.5 billion in system-wide sales.

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Related Publications

• Wingstop Funding LLC Surveillance Report
• Wingstop Funding LLC Series 2022-1 New Issue Report
• Wingstop Funding LLC Series 2020-1 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) 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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