KBRA Publishes Preliminary Ratings to Cologix Canadian Issuer Limited Partnership, Series 2026-1/2

NEW YORK--(BUSINESS WIRE)--KBRA publishes preliminary ratings to Cologix Canadian Issuer Limited Partnership, Series 2026-1/2. KBRA initially assigned unpublished preliminary ratings of A- (sf), A- (sf), BBB- (sf), and BB- (sf) to the Class A-1-V Notes, Class A-2 Notes, Class B Notes, and Class C Notes on August 7, 2026, and since that time have remained the same. The Series 2026-1/2 Notes represent the third Canadian ABS issuance issued by Cologix Canadian Issuer Limited Partnership. Similar to other master trust transactions, the Issuer can offer subsequent series of notes if certain requirements in the transaction documents are met.

The Notes are secured by 21 completed and operating Canadian data centers generating approximately $234.2 million of Total Annualized Revenue (AMRR) and approximately $150.2 million of Annualized Adjusted NOI (AANOI) as of March 31, 2026. This includes fee simple or equivalent ownership interests in four multi-customer enterprise data centers, representing approximately 41.9% of AANOI, and leasehold interests in 17 multi-customer enterprise data centers, representing approximately 58.1% of AANOI. The data centers are located across three Canadian markets: Montréal, Toronto and Vancouver.

The data center colocation customers use the data center space for power, space, cooling, interconnection, cloud services, business continuity and other professional services. As of the Statistical Disclosure Date, the customer / tenant population in the credit profile includes approximately 615 customers, and the customer stratification includes 10,719 billing items. The weighted average remaining customer contract term is approximately 1.5 years excluding renewals and 2.3 years including renewals. The largest customer, accounts for approximately 21.7% of AMRR, while the top five, top ten and top twenty customers account for approximately 34.2%, 43.4% and 53.2%, respectively. The top three customer industries are Cloud, Carrier and Enterprise, representing approximately 46.8%, 22.1% and 16.9% of AMRR, respectively.

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Methodologies

• ABS: Data Center ABS 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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