NEW YORK–(BUSINESS WIRE)–#creditratingagency–KBRA assigns preliminary ratings to Series 2025-2 (Uniti 2025-2, or the Series 2025-2 Notes) from Uniti Fiber ABS Issuer LLC (the Lead Issuer) and Uniti Fiber TRS Issuer LLC (the Co-Issuer), a communications infrastructure securitization (CIS) that is primarily collateralized by fiber network assets and related contracts.
Uniti 2025-2 represents Uniti Fiber Holdings Inc.’s (the Company or the Manager) second securitization following the establishment of the master trust in February 2025. The proceeds from the sale of the Notes will primarily be used to pay transaction fees and expenses as well as for general corporate purposes. At the close of the Series 2025-2, KBRA also anticipates affirming the ratings on the Issuer’s outstanding Series 2025-1 (the Existing Notes). The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2025-2 Notes.
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Related Publication
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: 1011641
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