KBRA Assigns Preliminary Ratings to InSite Issuer LLC and InSite Co-Issuer Corp. Series 2020-1

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by InSite Issuer LLC and InSite Co-Issuer Corp.

The Secured Cellular Site Revenue Notes, Series 2020-1 Class A Notes, Series 2020-1 Class B Notes, and the Series 2020-1 Class C Notes (together, the “Series 2020-1 Notes”) issued by InSite Issuer LLC, and InSite Co-Issuer Corp. represent InSite Wireless Group, LLC’s fourth issuance. The Series 2016-1 Notes and the Series 2018-1 Notes will remain outstanding on the Series 2020-1 closing date. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes.

In conjunction with the issuance of the Series 2020-1 Notes, KBRA anticipates affirming the ratings on the Issuer’s outstanding Series 2016-1 Notes and the Series 2018-1 Notes (together, the “Notes”) owing to the performance of the underlying collateral, which is consistent with our rating stresses following the addition of the Series 2020-1 Notes.

On the Series 2020-1 Cut-Off Date, the Asset Entities owned interests in 1,860 Cellular Sites pursuant to 3,858 Tenant Leases. The Portfolio has annualized run rate revenue (“ARRR”) of approximately $103.5 million and annualized run rate net cash flow (“ARRNCF”) of approximately $83.3 million.

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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 U.S. Information Disclosure Form 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 U.S. Information Disclosure Form referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe is registered with ESMA as a CRA.


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