NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of secured cellular site revenue notes, series 2013-1 and series 2016-1 (the “Notes”) issued by InSite Issuer LLC and InSite Co-Issuer Corp.
This transaction is the second series issue by InSite Issuer LLC and InSite Co-Issuer Corp. within the master trust, which owns interest in 1,196 cellular sites pursuant to 2,800 tenant leases. On the sites are communication and/or broadcast towers, distributed antenna systems and land below such towers which are leased to wireless communications, broadcast and other tenants. The portfolio has an aggregate annualized revenue of approximately $63.4 million calculated for the month of September 2016.
This transaction represents the second securitization for InSite Wireless Group, LLC (“InSite”, the “Manager” or the “Company”). InSite is a privately-owned tower and wireless infrastructure company that owns, manages and operates wireless communications infrastructure across the United States, Puerto Rico, the U.S. Virgin Islands, and Canada.
The transaction will benefit from sufficient credit support, along with a dynamic transaction structure that accelerates principal payments to the noteholders upon the weakening of collateral performance. Such structural features include cash trap conditions, servicer termination events and reserve accounts as further described in the InSite Issuer LLC and InSite Co-Issuer Corp. Presale Report.
KBRA analyzed the transaction using both KBRA’s General Rating Methodology for Asset-Backed Securities published on July 30, 2012 and KBRA’s CMBS Property Evaluation Methodology published on December 3, 2015.
For complete details on the analysis, please see KBRA’s Presale Report, which was published today at www.kbra.com.
| Series and Class | Rating | Principal Balance (USD) | ||||||||
| Series 2013-1, Class A | A (sf) | $121,829,162 | ||||||||
| Series 2013-1, Class B | BBB (sf) | $39,600,000 | ||||||||
| Series 2013-1, Class C | BB (sf) | $14,000,000 | ||||||||
| Series 2016-1, Class A | A (sf) | $210,500,000 | ||||||||
| Series 2016-1, Class B | BBB (sf) | $21,000,000 | ||||||||
| Series 2016-1, Class C | BB (sf) | $70,000,000 | ||||||||
Representations & Warranties Disclosure
All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report entitled Disclosure is available at the following link: ABS: InSite Issuer LLC and InSite Co-issuer Corp. Representations and Warranties Disclosure.
Related Publications: (available at www.kbra.com)
- General Rating Methodology for Asset-Backed Securities
- InSite Issuer LLC and InSite Co-Issuer Corp. Presale Report
About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).
