Our rating analysis considered the potential exposure of the transaction to ESG credit factors, which, in our view, is in line with others in the corporate securitization sector. We have generally accounted for these ESG factors, along with other factors, in our business volatility score and cash flow assumptions. Under the environmental credit factors, we consider the additional costs restaurant chains would face due to increased environmental regulations or climate events, such as extreme storms or floods. In our opinion, Jimmy John’s supply chain is not an outlier in greenhouse gas emissions or pollutants, and every branded restaurant is subject to a variety of federal, state, and local environmental laws and regulations. Under the social credit factors, we consider the exposure restaurant chains have to public health risks and changes in demographic trends. The poignant example of the coronavirus pandemic demonstrates how health and safety fears can cause widespread temporary disruptions to businesses, which, in turn, could have an impact on collateral performance backing the securitization.