Press Release|ABS
View PDF

KBRA Assigns Ratings to TierPoint Issuer LLC, Series 2025-3 and Series 2025-4 and Takes Other Rating Actions

22 Oct 2025   |   New York

Contacts

KBRA assigns ratings to three classes of notes from TierPoint Issuer LLC and TierPoint Co-Issuer LLC (together, the Co-Issuers), Series 2025-3 and Series 2025-4 (Series 2025-3/4). In conjunction with the issuance of the Series 2025-3/4 Notes, the Series 2023-1 Class A-2 Notes are being repaid and KBRA is withdrawing the rating. KBRA is also affirming the ratings on the Issuer’s outstanding notes (the Existing Notes and, together with the Series 2025-3/4 Notes, the Notes). The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2025-3/4 Notes.

The Notes are secured by 33 data centers generating approximately $471.5 million of Total Annualized Monthly Recurring Revenue (AMRR) and approximately $240.3 million of Annualized Adjusted Net Operating Income (AANOI) as of May 31, 2025 (the Statistical Disclosure Date). The real property collateral includes the fee simple ownership interest in 10 multi-customer enterprise data centers, located in eight markets and leasehold interests in 23 multi customer enterprise data centers, located in 16 markets. One of the leasehold interests is for 99 years and given the duration of the leasehold interest KBRA will give residual value credit for this asset and for the remainder of this report will be included in the statistics for the owned assets. The 33 data centers are comprised of approximately 647,314 sellable square feet (sf) of data center space and can provide approximately 96.0 megawatts (MW) of critical load power to customers.

The data center colocation customers use the data center space for power, space, and cooling of their data center equipment, cloud services, business continuity and other professional services. As of the Statistical Disclosure Date, the portfolio is comprised of 2,562 unique customers, pursuant to separate customer contracts with a weighted average remaining contract term of 1.9 years. The largest customer accounts for 5.4% of AMRR while the top 20 customers account for approximately 27.2% of AMRR. The portfolio of customers operate in seven unique industries. The top three industries include diversified mix (25.0% of AMRR), technology (24.2%), and finance (15.5%).

To access ratings and relevant documents, click here.

Click here to view the report.

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.

Doc ID: 1011902