KBRA assigns preliminary ratings to Jack in the Box Funding, LLC Series 2026-1 Class A-1 and Class A-2 Notes, 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 2026- 1.
In conjunction with the issuance of the Series 2026-1 Notes, the Series 2019-1 Class A-2-II and the Series 2022-1 Class A-1 Notes are expected to be repaid, at which time KBRA expects to withdraw the ratings. At that time, KBRA also anticipates affirming the ratings on the Issuer’s outstanding Series 2019-1, Class A-2-III Notes, Series 2022-1, Class A-2-I Notes and Series 2022-1, Class A-2-II Notes.
Jack in the Box is the franchisor and operator of restaurants under the Jack in the Box brand. As of the period ended April 12, 2026 (Q2 2026), the Jack in the Box restaurant system comprised 2,128 locations generating approximately $4.1 billion of annual system-wide sales. The system includes 1,979 franchised restaurants and 149 company-operated restaurants, representing approximately 93% and 7% of total locations, respectively. The restaurant footprint is concentrated in the western and southern United States.
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Related Publications
- Jack in the Box Funding, LLC Comprehensive Surveillance Report
- Jack in the Box Funding LLC Series 2022-1 New Issue Report
Methodologies
- ABS: Whole Business Securitization (WBS) ABS Global Rating Methodology
- Structured Finance: Global Structured Finance Counterparty 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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