KBRA Assigns Preliminary Ratings to Vital Care Issuer LLC, Series 2025-1

KBRA assigns preliminary ratings to three classes of notes from Vital Care Issuer LLC (the Issuer), Series 2025-1 (Vital Care 2025-1), a whole business securitization (WBS). The ratings are preliminary and subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

Vital Care Infusion Services, LLC (Vital Care, the Manager, or the Company) is the Manager and current franchisor of home and alternate-site infusion pharmacies operating under the Vital Care brand. The Company provides clinical infusion services for patients requiring specialty and chronic care therapies, offering an alternative to hospital-based infusions through a network of independently owned and operated franchise locations. As of September 30, 2025, the Vital Care System included 170 active Branded Infusion Centers across 37 states. The network is 98% franchised, spread among 123 franchisees.

The Securitization Entities will issue two classes of notes in the Series 2025-1 transaction, Series 2025-1 Class A-1 and Series 2025-1 Class A-2 (together, the Series 2025-1 Notes, or the Class A Notes). Approximately 92% of the securitized revenues are generated from franchised royalties, with other sources of cash flows including synthetic royalties from company operated locations (2.9%), franchise resale fees (2.6%), software and technology fees (1.7%), and franchisee fees (1.2%). These payments are considered more top-line revenues and are typically less volatile than company location profits (which are not part of the pledged collateral).

To access ratings and relevant documents, click here.

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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.

Doc ID: 1012529

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