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KBRA Affirms Ratings for Hotwire Funding, LLC and Takes Other Rating Actions

12 Nov 2026   |   New York

Contacts

KBRA affirms its ratings on the Series 2021-1, Class A-1-V Notes and the Series 2024-1, Class A-2, Class B, and Class C Notes issued by Hotwire Funding, LLC (the Issuer), a communications infrastructure securitization (CIS). KBRA is simultaneously withdrawing its ratings on the Series 2021-1, Class A-2, Class B, and Class C Notes and the Series 2023-1, Class A-2, Class B, and Class C Notes following their repayment in full.

KBRA’s analysis indicated that existing credit enhancement for the Notes is sufficient to support the affirmed ratings. The data used for this review is as of the September 2026 collection period (October 2026 payment date). To date, the securities have received timely interest payments and scheduled principal payments, if applicable.

The Issuer owns and operates fiber optic communication systems that provide digital infrastructure services primarily to multi-dwelling units (MDUs) and multi-tenant properties, including homeowners’ associations (HOAs), condominium associations (COAs), apartments, student housing, hotels and municipalities (collectively, Bulk Communities). Additional services are provided to residents within Bulk Communities through bulk upsell contracts and to individual customers outside Bulk Communities through retail contracts. The collateral consists primarily of fiber-to-the-home (FTTH) infrastructure, related easements, rights of use and access agreements (collectively, Fiber Network Assets), associated customer contracts and rights under a shared infrastructure services agreement.

Click here to view the report.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

Methodologies

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.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties 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 US 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. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. 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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