KBRA Assigns Preliminary Rating to Cogent IPv4 LLC, Series 2024-1
April 18 2024 - 4:01PM
Business Wire
KBRA assigns a preliminary rating to one class of notes from
Cogent IPv4 LLC, Series 2024-1 (Cogent 2024-1). Transaction
collateral primarily includes Internet Protocol Version 4 (IPv4)
addresses and related contracts and receivables. The Series 2024-1
Notes are anticipated to be issued by Cogent IPv4 LLC (the Issuer)
and represent the first securitization from Cogent Communications,
Inc. (Cogent, the Manager, the Company), a wholly-owned subsidiary
of Cogent Communications Holdings, Inc. (the Parent). The
transaction structure is a master trust, and as such, the indenture
permits the issuance of additional classes and series of notes,
subject to rating agency confirmation and other considerations. The
proceeds from the sale of the Notes will primarily be used to pay
certain issuance expenses, to fund certain reserve accounts and to
be used for general corporate purposes.
To access rating and relevant documents, click here.
Click here to view the report.
Methodologies
- ABS: General Global Rating Methodology for Asset Backed
Securities
- Structured Finance: Global Structured Finance Counterparty
Methodology
- ESG Global Rating 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) 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. 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.
Doc ID: 1003784
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version on businesswire.com: https://www.businesswire.com/news/home/20240418428208/en/
Analytical Contacts
Matthew Gardener, Director (Lead Analyst) +1 646-731-1276
matthew.gardener@kbra.com
Thomas Berle Carman, Associate +1 646-731-1241
thomas.carman@kbra.com
Xilun Chen, Managing Director +1 646-731-2431
xilun.chen@kbra.com
Sam Kwak, Associate Director +1 646-731-1319
sam.kwak@kbra.com
Eric Neglia, Head of Commercial and Consumer ABS (Rating
Committee Chair) +1 646-731-2456 eric.neglia@kbra.com
Business Development Contact
Arielle Smelkinson, Senior Director +1 646-731-2369
arielle.smelkinson@kbra.com