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.
- General Global Rating Methodology for Asset-Backed Securities
- US CMBS Property Evaluation Methodology
- Global Structured Finance Counterparty Methodology
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.
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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.
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