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KBRA Assigns Ratings to TierPoint Issuer LLC, Series 2026-1 and Series 2026-2 and Takes Other Rating Actions

3 Sep 2026   |   New York

Contacts

KBRA assigns ratings to two classes of notes from TierPoint Issuer LLC and TierPoint Co-Issuer LLC (together, the Co-Issuers), Series 2026-1 and Series 2026-2 (Series 2026-1/2). KBRA is also affirming the ratings on the Issuer’s outstanding notes (the Existing Notes and, together with the Series 2026-1/2 Notes, the Notes). The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2026-1/2 Notes.

The Notes are secured by 34 data centers generating approximately $491.4 million of Total Annualized Monthly Recurring Revenue (AMRR) and approximately $241.4 million of Annualized Adjusted Net Operating Income (AANOI) as of May 31, 2026 (the Statistical Disclosure Date). The real property collateral includes the fee simple ownership interest in 12 multi-customer enterprise data centers, located in eight markets and leasehold interests in 22 multi customer enterprise data centers, located in 19 markets. One of the leasehold interests (16.3% of AANOI) is for 99 years. Given the long duration, KBRA gives residual value credit to this asset and treats it as an owned asset for the purposes of statistics presented in this report. The 34 data centers are comprised of approximately 664,254 sellable square feet (sf) of data center space and can provide approximately 104.8 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 2,464 unique customers, pursuant to separate customer contracts with a weighted average remaining contract term of 2.1 years. The largest customer accounts for 5.3% of AMRR while the top 20 customers account for approximately 28.7% of AMRR. The portfolio of customers operate in seven unique industries. The top three industries include technology (27.6% of AMRR), diversified mix (22.5%), and finance (14.1%).

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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.

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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