Latest news with #KBRA
Business Wire
a day ago
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to Centersquare Series 2025-3/4
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to three classes of notes (the Series 2025-3/4 Notes) from Centersquare Issuer LLC and Centersquare Co-Issuer LLC Series 2025-3/4 (Series 2025-3/4), a colocation data center ABS transaction. The transaction represents the third ABS issuance issued by Centersquare Issuer LLC and Centersquare Co-Issuer LLC (the Co-Issuers). KBRA's rating analysis incorporates all prior debt issuance of the Co-Issuers. KBRA anticipates affirming the ratings of the Series 2024-1/2 Notes and Series 2025-1/2 Notes with the issuance of the Series 2025-3/4 Notes. The Series 2025-3/4 Notes are secured by 32 data centers generating approximately $560.0 million of Total Annualized Monthly Recurring Revenue (AMRR) and approximately $300.4 million of Annualized Adjusted Net Operating Income (AANOI) as of May 31, 2025 (the Statistical Disclosure Date). This includes the fee simple ownership interests in 16 multi-customer enterprise data centers (63.8% of AANOI) located in ten markets and leasehold interests in 16 multi customer enterprise data centers (36.2% of AANOI) located in ten markets. The 32 data centers are comprised of approximately 1,494,702 square feet (sf) of data center space and can provide approximately 228.8 megawatts (MW) Wof critical load power to customers. The data center colocation customers use the data center space for power, space, and cooling of their data center equipment, cloud services, business continuity and other professional services. As of the Statistical Disclosure Date, of the portfolio is comprised of 1,303 unique customers, pursuant to separate customer contracts with a weighted average remaining contract term of 2.5 years. The largest customer accounts for 6.5% of AMRR while the top 20 customers account for approximately 41.7% of AMRR. The portfolio of customers operate in 15 unique industries. The top three industries include cloud and IT services (44.5% of AMRR), network service providers (15.1%), and banking and securities (12.6%). To access ratings and relevant documents, click here. Click here to view the report. Methodologies 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 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: 1010764
Business Wire
a day ago
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to VFI ABS 2025-1, LLC
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to four classes of notes issued by VFI ABS 2025-1, LLC (VFI 2025-1), an equipment ABS transaction. Varilease Finance, Inc. (VFI, the Company, the Originator or the Servicer), founded in 2001 and headquartered in Salt Lake City, Utah, is an independent equipment finance company focused on leasing industrial and commercial equipment to upper- and middle-market businesses. VFI 2025-1 represents the Company's third equipment ABS transaction. As of June 30, 2025 VFI's servicing portfolio in the U.S. is approximately $634 million. VFI has grown its managed portfolio while employing a consistent underwriting policy. As of the August 1, 2025 statistical cut-off date, the pool of equipment contracts backing VFI 2025-1 (Statistical Pool) has an aggregate discounted receivable balance of $202.09 million, 98 receivables, and 81 obligors. VFI 2025-1 will issue four classes of notes (Notes). Credit enhancement is comprised of overcollateralization (O/C), a cash reserve, a capitalized interest account, subordination benefiting senior classes and excess spread. The O/C is subject to a target equal to 4.70% of the current pool balance and a floor equal to 1.25% of the initial pool balance. The reserve account is funded at 1.50% of the initial note balance (1.46% of the pool balance as of the initial cut-off date) and is non-amortizing. To access ratings and relevant documents, click here. Click here to view the report. Methodologies 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 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: 1010763
Yahoo
a day ago
- Business
- Yahoo
KBRA Assigns AAA Rating to State of Wisconsin General Obligation Bonds of 2025, Series B; Affirms Related Ratings
NEW YORK, August 08, 2025--(BUSINESS WIRE)--KBRA assigns a long-term rating of AAA to the State of Wisconsin General Obligation Bonds of 2025, Series B. KBRA additionally affirms the: long-term rating of AAA for the State's outstanding General Obligation Bonds; the short-term rating of K1+ for the State's General Obligation Commercial Paper (CP) Program and General Obligation Extendible Municipal Commercial Paper (EMCP) Program; and, the long-term rating of AA+ for the State's Master Lease Certificates of Participation. The rating outlook for the long-term ratings remains Stable. Key Credit Considerations The rating actions reflect the following key credit considerations: Credit Positives Strength and breadth of the G.O. pledge, coupled with liquidity and market access to support short-term debt. Trend of conservative budgets, strong financial results and improved reserve levels. Strong liquidity position based on all sources of available cash for operations. Essentiality of assets under the Master Lease Program, supported by a strong, well-established legal framework. Credit Challenges Drawdown of unusually large fund balance in 2025-27 biennium to a more historically normal level leaves outyear gaps to be addressed in next biennium. Federal policy changes for Medicaid cost-sharing and SNAP administration costs will increase program costs for the State beginning in FY 2026, escalating thereafter. These additional costs are not yet known and are not fully accounted for in the 2025-27 biennium budget. Rating Sensitivities For Upgrade Not applicable. For Downgrade Material financial weakening, driven by budgetary imbalance over an extended period. While unlikely, limited and/or expensive market access that impedes the State's ability to manage maturing CP and EMCP Notes. A change in the essentiality of assets leased under the Master Lease Program that increases the risk of non-appropriation. To access ratings and relevant documents, click here. Methodologies Public Finance: U.S. State General Obligation Rating Methodology Public Finance: U.S. State Annual Appropriation Obligation Rating Methodology ESG Global Rating Methodology Disclosures 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 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: 1010761 View source version on Contacts Analytical Contacts Peter Scherer, Senior Director (Lead Analyst)+1 Mallory Yu, Senior Analyst+1 Douglas Kilcommons, Managing Director+1 Linda Vanderperre, Managing Director (Rating Committee Chair)+1 Business Development Contacts William Baneky, Managing Director+1 James Kissane, Senior Director+1 Sign in to access your portfolio
Business Wire
a day ago
- Business
- Business Wire
KBRA Assigns AAA Rating to State of Wisconsin General Obligation Bonds of 2025, Series B; Affirms Related Ratings
NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of AAA to the State of Wisconsin General Obligation Bonds of 2025, Series B. KBRA additionally affirms the: long-term rating of AAA for the State's outstanding General Obligation Bonds; the short-term rating of K1+ for the State's General Obligation Commercial Paper (CP) Program and General Obligation Extendible Municipal Commercial Paper (EMCP) Program; and, the long-term rating of AA+ for the State's Master Lease Certificates of Participation. The rating outlook for the long-term ratings remains Stable. Key Credit Considerations The rating actions reflect the following key credit considerations: Credit Positives Strength and breadth of the G.O. pledge, coupled with liquidity and market access to support short-term debt. Trend of conservative budgets, strong financial results and improved reserve levels. Strong liquidity position based on all sources of available cash for operations. Essentiality of assets under the Master Lease Program, supported by a strong, well-established legal framework. Credit Challenges Drawdown of unusually large fund balance in 2025-27 biennium to a more historically normal level leaves outyear gaps to be addressed in next biennium. Federal policy changes for Medicaid cost-sharing and SNAP administration costs will increase program costs for the State beginning in FY 2026, escalating thereafter. These additional costs are not yet known and are not fully accounted for in the 2025-27 biennium budget. Rating Sensitivities For Upgrade Not applicable. For Downgrade Material financial weakening, driven by budgetary imbalance over an extended period. While unlikely, limited and/or expensive market access that impedes the State's ability to manage maturing CP and EMCP Notes. A change in the essentiality of assets leased under the Master Lease Program that increases the risk of non-appropriation. To access ratings and relevant documents, click here. Methodologies Disclosures 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 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: 1010761
Associated Press
a day ago
- Business
- Associated Press
KBRA Assigns AAA Rating to State of Wisconsin General Obligation Bonds of 2025, Series B; Affirms Related Ratings
NEW YORK--(BUSINESS WIRE)--Aug 8, 2025-- KBRA assigns a long-term rating of AAA to the State of Wisconsin General Obligation Bonds of 2025, Series B. KBRA additionally affirms the: long-term rating of AAA for the State's outstanding General Obligation Bonds; the short-term rating of K1+ for the State's General Obligation Commercial Paper (CP) Program and General Obligation Extendible Municipal Commercial Paper (EMCP) Program; and, the long-term rating of AA+ for the State's Master Lease Certificates of Participation. The rating outlook for the long-term ratings remains Stable. Key Credit Considerations The rating actions reflect the following key credit considerations: Credit Positives Credit Challenges Rating Sensitivities For Upgrade For Downgrade To access ratings and relevant documents, click here. Methodologies Disclosures 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 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: 1010761 View source version on CONTACT: Analytical ContactsPeter Scherer, Senior Director (Lead Analyst) +1 646-731-2325 [email protected] Yu, Senior Analyst +1 646-731-1380 [email protected] Kilcommons, Managing Director +1 646-731-3341 [email protected] Vanderperre, Managing Director (Rating Committee Chair) +1 646-731-2482 [email protected] Development ContactsWilliam Baneky, Managing Director +1 646-731-2409 [email protected] Kissane, Senior Director +1 646-731-2380 [email protected] KEYWORD: UNITED STATES NORTH AMERICA NEW YORK INDUSTRY KEYWORD: DATA ANALYTICS OTHER PROFESSIONAL SERVICES PROFESSIONAL SERVICES FINANCE SOURCE: Kroll Bond Rating Agency, LLC Copyright Business Wire 2025. PUB: 08/08/2025 02:45 PM/DISC: 08/08/2025 02:44 PM
