KBRA Assigns Preliminary Ratings to DataBank Series 2021-1

NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to DataBank Series 2021-1 Class A-1 Notes, Class A-2 Notes, Class B Notes and Class C Notes issued by DataBank Issuer, LLC and DataBank Co-Issuer, LLC, a data center securitization.

The Notes will be secured by fee simple ownership interests in six multi-customer enterprise data centers located in the Kansas City, Pittsburgh and Salt Lake City markets; leasehold interests in eight multi-customer enterprise data centers located in the Cleveland, Dallas, Kansas City, Minneapolis, Pittsburgh and Salt Lake City markets; and leasehold interests in one multi-customer enterprise data center that is subject to a 99-year air space lease located in Atlanta. The data centers are comprised of approximately 386,967 square feet (sf) of data center space and can provide approximately 48.7 megawatts (MW) of critical load power to customers. The portfolio is currently occupied by 804 unique customers operating pursuant to 2,985 individual contracts.

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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) is a full-service credit rating agency 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 pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.