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KBRA Affirms Ratings for ALLO Issuer, LLC

30 Mar 2026   |   New York

Contacts

KBRA affirms its ratings on eleven classes of notes (the Notes) issued by ALLO Issuer LLC, a communications infrastructure securitization (CIS). 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 February 2026 collection period (March 2026 payment date). To date, the securities have received timely interest payments and scheduled principal payments, if applicable.

The business of the Issuer is to own, manage, and operate fiber optic communication systems infrastructure for the delivery of broadband, telephone, and video and other revenue-generating services. As of December 2025, customers include individual residential consumers (representing approximately 74% of customer lines) and businesses, including commercial and governmental organizations (representing approximately 26% of customer lines), across the Issuer's fiber infrastructure footprint. The assets consist of fiber-to-the-premise (FTTP) infrastructure, customer agreements, related easements, rights of use and other access agreements (collectively, the Fiber Network Assets). Each collection of networks and their assets is collectively referred to as a “Fiber Network” within certain geographic locales (the Contributed Markets). As of December 2025, the Issuer provides internet services in the Contributed Markets to residential and commercial customers across Nebraska, Colorado and Arizona, generating approximately $199.1 million in annualized run rate revenue (ARRR). Within the Contributed Markets, data, video, voice, and other services represented approximately 77%, 12%, 9% and 2% of ARRR, respectively.

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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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