NEW YORK–(BUSINESS WIRE)–#creditratingagency–KBRA assigns preliminary ratings to the Series 2025-1 Class A-1-L Notes, Class A-1-V Notes, Class A-2 Notes, and Class B Notes (the Series 2025-1 Notes) from Shentel Issuer LLC (the Issuer), a communications infrastructure securitization.
Shentel 2025-1 is the first securitization issued by Shentel Issuer LLC (the Issuer). The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes, including potentially Class C, and series of notes subject to certain conditions, including rating agency confirmation. The proceeds from the sale of the Notes will primarily be used to repay indebtedness under an existing credit facility, pay access fees for the underlying infrastructure, and for general corporate purposes.
Shentel Broadband Operations LLC (Shentel, the Company, the Parent, and the Manager) is a broadband provider, operating in Georgia, Indiana, Kentucky, Maryland, Michigan, New York, North Carolina, Pennsylvania, Ohio, Virginia, and West Virginia. The Parent provides fiber optics under the brand name of Glo Fiber and hybrid fiber coaxial cable under the brand name of Shentel (no coaxial cable services are included in the subject transaction). Shentel’s services include broadband internet, video and voice, high-speed Ethernet and managed network services. The Parent also leases dark fiber and provides fiber-to-the-premises (FTTP), including high-speed internet, streaming television, digital phone services, Ethernet and wavelength fiber optic services, to enterprise and wholesale customers throughout the entirety of the Parent’s service area under the brand name of Glo Fiber Business. The Parent owns an extensive regional network with approximately 17,740 route miles of fiber.
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Methodologies
- ABS: Communications Infrastructure Securitization (CIS) 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: 1012343
Contacts
Analytical Contacts
Matthew Gardener, Senior Director (Lead Analyst)
+1 646-731-1276
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Xilun Chen, Managing Director
+1 646-731-2431
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Fred Perreten, Managing Director
+1 646-731-2454
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Kenneth Martens, Managing Director (Rating Committee Chair)
+1 646-731-3373
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Business Development Contact
Arielle Smelkinson, Senior Director
+1 646-731-2369
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