KBRA Assigns Preliminary Ratings to Kinetic ABS Issuer LLC, Series 2026-1

NEW YORK–(BUSINESS WIRE)–#creditratingagency–KBRA assigns preliminary ratings to Kinetic ABS Issuer LLC, Series 2026-1 (Kinetic 2026-1), a communications infrastructure securitization (CIS) that is primarily collateralized by fiber network assets and related contracts. Kinetic 2026-1 represents Kinetic ABS Issuer, LLC (the Issuer’s) first securitization. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes subject to certain conditions, including rating agency confirmation. The proceeds from the Series 2026-1 Notes are being used to pay transaction fees and expenses, fund transaction accounts and to fund the acquisition of the fiber network assets from Uniti Group Inc. and other non-securitization entities, which may then be used for general corporate purposes, success based capital expenditures and repayments of outstanding indebtedness.

Uniti Kinetic Fiber LLC (the Manager) will manage the fiber networks, customer agreements and other fiber network assets. The securitized assets include current and future fiber-to-the-premises (FTTP) infrastructure; current and future related leases, easements, rights of use, permits, licenses and other access agreements (each a Fiber Network Underlying Rights Agreement); each customer agreement for the provision of services to a residential customer; and the control accounts and other accounts.

To access ratings and relevant documents, click here.

Click here to view the report.

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: 1012957

Contacts

Analytical Contacts

Anna Roginkin, Senior Director (Lead Analyst)

+1 646-731-1212

anna.roginkin@kbra.com

Xilun Chen, Managing Director

+1 646-731-2431

xilun.chen@kbra.com

Fred Perreten, Managing Director

+1 646-731-2454

fred.perreten@kbra.com

Aayush Aryal, Senior Analyst

+1 646-731-1356

aayush.aryal@kbra.com

Kenneth Martens, Managing Director (Rating Committee Chair)

+1 646-731-3373

kenneth.martens@kbra.com

Business Development Contact

Arielle Smelkinson, Senior Director

+1 646-731-2369

arielle.smelkinson@kbra.com