KBRA Assigns Preliminary Ratings to FirstLight Issuer, LLC, Series 2026-1 Revenue Notes

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to the Series 2026-1 Class A-1-L Notes, Class A-1-V Notes, Class A-2 Notes, Class B Notes, and Class C Notes (the Series 2026-1 Notes) from FirstLight Issuer, LLC (the Issuer), a communications infrastructure securitization that is primarily collateralized by communication system assets and related contracts.

FirstLight 2026-1 represents the inaugural securitization issued by the Issuer. 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 sale of the Notes will primarily be used to fund certain reserve accounts, repay indebtedness, pay transaction fees, and go toward general corporate purposes.

FirstLight Fiber, Inc. (the Company, Parent, and Manager) provides communications and fiber infrastructure, network connectivity, colocation, and certain cloud-based managed services in the Northeast region of the United States. The Company supplies high-bandwidth fiber infrastructure and connectivity services to telecommunications carriers, financial services companies, healthcare providers, government entities, enterprises, hyperscale data centers and educational institutions, all of which require high-capacity and low-latency connectivity solutions to support bandwidth-intensive applications. The Company primarily delivers these services over its owned and secure network, consisting of dense metro, regional and long-haul fiber network sections.

To access ratings and relevant documents, click here.

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Methodologies

• ABS: Communications Infrastructure Securitization (CIS) Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty 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.

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