KBRA Assigns Preliminary Ratings to Cologix Series 2021-1

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to the Series 2021-1 notes issued by Cologix Data Centers US Issuer, LLC and Cologix Data Centers US Co-Issuer, LLC (“Cologix 2021-1”), a data center securitization. The transaction represents Cologix US, Inc.’s first securitization and will consist of three fixed rate term notes, Class A-2, Class B, and Class C Notes and a variable funding note, Class A-1 Note.

The notes will be secured by 17 data centers. This includes fee simple ownership interests in six (53.1% of net operating income) multi-customer enterprise data centers located in four markets and leasehold interests in 11 (46.9% of net operating income) multi-customer enterprise data centers located in four markets. The 17 data centers are comprised of approximately 299,600 square feet of data center space and can provide approximately 36,638 kilowatts of critical load power to customers. The tenants include total of 1,064 unique customers subject to 12,155 billing items.

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Related Publications

• US CMBS Property Evaluation Methodology
• General Global Rating Methodology for Asset‑Backed Securities
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• ESG Global Rating Methodology

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) is a full-service credit rating agency 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 pursuant to the Temporary Registration Regime. 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.

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