Press Release|ABS
View PDF

KBRA Affirms Ratings for Cogent IPv4 LLC

9 Apr 2026   |   New York

Contacts

KBRA affirms its ratings on two classes of notes (the Notes) issued by Cogent IPv4 LLC, a securitization primarily collateralized by Internet Protocol version 4 (IPv4) addresses and related contracts and receivables. 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 February 2026 collection period (March 2026 payment date). To date, the securities have received timely interest payments and scheduled principal payments, if applicable.

The business of the Issuer is to own, manage, and monetize IPv4 address assets for the provision of internet connectivity solutions and related services. Customers include enterprise clients, telecommunications carriers, cloud service providers, and other network operators that require IPv4 address space to support their operations. The Issuer generates revenue primarily through leasing arrangements and, to a lesser extent, sales of IPv4 address blocks.

The assets consist of owned IPv4 address blocks, customer contracts, and related transfer and utilization rights. These assets are deployed globally and are not limited to specific geographic markets, given the borderless nature of IP address utilization. The issuer leases IPv4 address space to a diversified base of customers worldwide, generating recurring revenue through short- and long-term lease agreements.

Click here to view the report.

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

Related Publications

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.

Doc ID: 1014357