Press Release|CMBS, ABS
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KBRA Affirms Ratings on Flexential Issuer, LLC and Flexential Co-Issuer, LLC

29 Oct 2025   |   New York

Contacts

KBRA is affirming its ratings on nine classes of notes issued by Flexential Issuer, LLC and Flexential Co-Issuer LLC, a data center ABS securitization. KBRA’s analysis indicated that the existing credit enhancement is sufficient to support the affirmed ratings. To date, the securities have received timely interest payments. The data used for this review is as of the September 2025 payment date.

The ratings on Flexential Series 2022-1, Series 2022-2, and Series 2023-1 were assigned on April 14, 2022, December 20, 2022, and October 26, 2023, respectively, on an unpublished basis. They are being published at the request of Flexential Corp., concurrent with the publication of a presale report regarding the issuance of Flexential Series 2025-1/2. KBRA re-analyzed the Series 2022-1, Series 2022-2, and Series 2023-1 in conjunction with the issuance of the Series 2025-1/2 and affirms the ratings on the outstanding series upon the launch of Series 2025-1/2.

Click here to view the report.

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

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Methodologies

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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