Press Release|ABS
KBRA Releases Research – B2B Fiber Spans the Spectrum
5 May 2026 | New York
KBRA releases research on enterprise fiber, a growing segment of the fiber asset-backed securities (ABS) market. Since KBRA rated the first public fiber-backed securitization, the market has expanded beyond residential broadband to include a broader range of enterprise (B2B) fiber services, including the first enterprise fiber transaction in Q1 2025. In that time, KBRA has rated 13 issuances totaling approximately $16 billion. While fiber-to-the-premises (FTTP) generally reflects a more standardized residential product and customer base, enterprise fiber is more complex, with multiple service types tailored to distinct business needs.
Key Takeaways
- Dark fiber and wavelength provide the most stable, long-term revenue, supported by low churn and high switching costs.
- Network connectivity is critical for day-to-day operations but has incrementally higher churn and shorter contract terms.
- Add-on and managed services are less sticky on a standalone basis but are typically sold alongside core connectivity, supporting overall customer retention.
- Enterprise customers typically purchase bundled, multi-service solutions from a single provider, with revenue supported by integrated, long-term relationships rather than standalone products. As a result, portfolio stability is closely tied to service mix, with infrastructure-heavy offerings supporting more predictable cash flows.
Click here to view the report.