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KBRA Affirms Ratings for Wireless PropCo Funding LLC

5 Jun 2026   |   New York

Contacts

KBRA has affirmed its ratings on five classes of notes (Notes) issued by Wireless PropCo Funding LLC (the Issuer), a communications infrastructure securitization (CIS), with Symphony Towers Infrastructure LLC (Symphony) serving as the manager. 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 April 2026 collection period (May 2026 payment date). To date, the securities have received timely interest payments and scheduled principal payments, if applicable.

The Manager manages and operates a portfolio of wireless communications infrastructure assets. These assets are leased to mobile network operators, wireless carriers and tower companies for the placement and operation of telecommunications transmission equipment. Tower companies use the assets to provide wireless infrastructure services to mobile network operators. The portfolio consists primarily of long-term and perpetual easements underlying macro wireless communications sites, including towers, rooftops, antenna sites, and other structures (collectively referred to as Cellular Sites), as well as the related lease agreements and rights associated with the use of these Cellular Sites.

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

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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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