ABS: Communications Infrastructure Securitization (CIS) Global Rating Methodology

Summary

This document sets forth Kroll Bond Rating Agency, LLC and its rating affiliates’ (collectively, KBRA) methodology for rating global Communications Infrastructure Securitizations (CIS), which are asset-backed securitization (ABS) transactions collateralized by communications infrastructure assets.

Communications infrastructure encompasses various telecommunication-related assets utilized to facilitate fast, reliable digital correspondence between a multitude of parties and across several channels. Examples include wireless cell towers that enable mounted antennas to serve as signal carriers for telephones and radios, small cells in distributed network systems (DNS) that boost coverage bandwidth and add capacity in more densely populated areas, and fiber deployment which uses laser light to provide internet connectivity at comparatively fast speeds to residences and commercial buildings along its path.

Obligors and tenants in CIS usually include parties in broadband, telephony,…