KBRA Assigns Ratings to Summit Issuer, LLC, Series 2025-1 Senior Secured Notes
20 Nov 2025 | New York
KBRA assigns ratings to the Series 2025-1 Class A-1-L Notes, Class A-1-V Notes and Class A-2 Notes (Summit 2025-1, or the Series 2025-1 Notes) from Summit Issuer, LLC (the Issuer), a communications infrastructure securitization (CIS) that is primarily collateralized by fiber network assets and related contracts.
The Summit 2025-1 Notes represent Summit Infrastructure Holdings, LLC’s (Summit, the Company, the Manager, or the Parent) third securitization. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes subject to certain conditions, including rating agency confirmation. The proceeds from the sale of the Notes will primarily be used to repay the outstanding balance of the Issuer’s Series 2020-1 and 2023-1 Notes (which were not rated by KBRA), and the remaining for general corporate purposes.
The business of the asset entities is the ownership, development, maintenance, licensing and leasing of the dense dark fiber infrastructure and related agreements (Dark Fiber Assets). In general, the Manager manages the operational activities of the Asset Entities who in turn provide dense dark fiber infrastructure and related network solutions to hyperscale cloud, carrier, data center, government and enterprise customers. As a primarily dark fiber infrastructure platform provider, the Asset Entities typically serve customers who control and secure their own transmission equipment that is needed to “light” each discrete collection of Dark Fiber Assets within a geographic area (Dark Fiber Networks). The revenues of the Asset Entities consist of fees paid by customers for licensing or leasing fiber pairs on the Dark Fiber Networks.
As of July 31, 2025 (the Cut-off Date), the Issuer provides services within the securitized portfolio to 101 customers in the Mid-Atlantic, Midwest and West regions, with a particularly strong presence in Northern Virginia. Within the portfolio, dark fiber services represented 97.5% of the total aggregate annualized run rate recurring revenue (ARRRR), as of the Cut-off Date.
To access ratings and relevant documents, click here.
Click here to view the report.