KBRA assigns preliminary ratings to SEB Funding LLC (the Issuer), Series 2026-1 (SEB 2026-1), a whole business securitization. SEB 2026-1 represents the Issuer’s third securitization following the establishment of the master trust in 2021. In conjunction with the issuance of the Series 2026-1 Notes, KBRA anticipates affirming the ratings on the outstanding Series 2024-1, Class A-1 VFN and Class A-2 Notes and withdrawing the ratings on the Series 2021-1, Class A-1 VFN, Class A-1 LR and Class A-2 Notes.

Purpose Brands (the Company) is the largest health and wellness franchisor in the world in terms of location count, and comprises Anytime Fitness (fitness clubs), Orangetheory Fitness (studio fitness), Waxing the City (waxing studios), Basecamp Fitness (high intensity studio fitness) and the Bar Method (low impact studio fitness).

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Related Publications

• SEB Funding LLC Surveillance Report
• SEB Funding LLC, Series 2024-1 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), 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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