Press Release|ABS
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KBRA Affirms Ratings for Adams Outdoor Advertising Limited Partnership Series 2023-1

3 Oct 2025   |   New York

Contacts

KBRA affirms ratings on the outstanding Series 2023-1 Class A-1 Notes, Class A-2 Notes, Class B Notes, and Class C Notes (the Series 2023-1 Notes) issued by Adams Outdoor Advertising Limited Partnership (the Issuer). KBRA’s analysis indicates that credit enhancement is sufficient to support the outstanding ratings. Since transaction closing, all timely note interest has been paid. This review used information from the servicer report for the period ending in August 2025 (the September 2025 distribution date). KBRA’s analysis also indicates that cash flows are sufficient to support the affirmation of ratings on the Existing Notes following the increase in the Class A-1 Notes’ maximum drawable amount from $60 million to $120 million, subject to certain conditions.

To access ratings and relevant documents, click here.

Click here to view the report.

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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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