Business
KBRA Assigns Preliminary Ratings to Planet Fitness Master Issuer LLC, Series 2025-1
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to three classes of notes from Planet Fitness Master Issuer LLC, Series 2025-1 (Planet Fitness 2025-
About this update from Planet Fitness, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to three classes of notes from Planet Fitness Master Issuer LLC, Series 2025-1 (Planet Fitness 2025-1 or Series 2025-1 Notes), a whole business securitization (WBS). In conjunction with the issuance of the Series 2025-1 Notes, the Series 2022-1, Class A-2-I Notes are expected to be repaid at which time KBRA will withdraw the ratings. At that time, KBRA also anticipates affirming the ratings on the Master Issuer’s outstanding Series 2019-1, Class A-2 Notes, Series 2022-1, Class A-1 Notes, Series 2022-1, Class A-2-II Notes, Series 2024-1, Class A-2-I Notes, and Series 2024-1, Class A-2-II Notes (the Existing Notes, and together with the Series 2025-1 Notes, the Notes). The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2025-1 Notes. Planet Fitness Holdings, Inc. (“Planet Fitness” or the “Company”) is the Manager and operator of the Planet Fitness system, best known for providing a non-intimidating, high-value fitness experience with memberships starting at $15 per month and a Black Card option at $24.99 per month. As of September 30, 2025, the system totaled 2,795 clubs, including 2,514 franchised locations and 281 company-owned locations across all 50 U.S. states, the District of Columbia, Puerto Rico, and 164 international locations. The pledged collateral consists of 2,631 U.S. and U.S. territory locations, approximately 90% franchised by unit count and roughly 50% by securitized collections from franchise royalties and fees. For the last twelve months ended September 30, 2025, the Company generated approximately $5.2 billion in systemwide sales. To access ratings and relevant documents, click here. Click here to view the report. Related Publications Planet Fitness Master Issuer LLC, Series 2024-1 New Issue Report Planet Fitness Master Issuer LLC Comprehensive Surveillance Report Methodologies Structured Finance: Global Structured Finance Counterparty Methodology ABS: Whole Business Securitization (WBS) ABS Global Rating 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 cha...