KBRA Assigns Preliminary Ratings to US Signal Issuer LLC and US Signal Co-Issuer LLC Series 2026-1/2

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to three classes of notes from US Signal Issuer LLC and US Signal Co-Issuer LLC Series 2026-1 and Series 2026-2 (together, Series 2026-1/2), a colocation data center ABS transaction. The transaction represents the first ABS issuance issued by US Signal Issuer LLC and US Signal Co-Issuer LLC. All series share in the same collateral pool.

US Signal Company, LLC (US Signal or the Manager) serves as the manager for the trust and is responsible for the day to-day operations of the data center sites. The Notes are secured by 10 owned data centers generating approximately $111.8 million of Annualized Recurring Revenue (ARR) and approximately $63.8 million of Annualized Adjusted Net Operating Income (AANOI) as of July 2026 (the Statistical Disclosure Date).

The ten data centers are comprised of approximately 427,992 square feet (sf) of data center space and can provide approximately 22.5 megawatts (MW) of critical load power to customers.

The data center colocation customers use the data center space for cloud services, business continuity and other professional services. As of the Statistical Disclosure Date, the portfolio is comprised of 839 unique customers, pursuant to separate customer contracts with a weighted average remaining contract term of 2.1 years (without renewals). The largest customer accounts for 9.7% of ARR while the top 20 customers account for approximately 40.8% of ARR. The top three industries include IT Services (22.9% of ARR), Insurance and Financial Services (16.1%), and Hospitals/Healthcare (11.1%).

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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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