KBRA assigns preliminary ratings to Summit Issuer, LLC, Series 2025-1 (Summit 2025-1, or the Series 2025-1 Notes), a communications infrastructure securitization (CIS) that is primarily collateralized by fiber network assets and related contracts.

Summit 2025-1 represents Summit Infrastructure Holdings, LLC’s (Summit, the Company, the Manager, or the Parent) third securitization. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes subject to certain conditions, including rating agency confirmation. The proceeds from the sale of the Notes will primarily be used to repay the outstanding balance of the Issuer’s Series 2020-1 and 2023-1 Notes (which were not rated by KBRA), and the remaining for general corporate purposes.

The business of the asset entities is the ownership, development, maintenance, licensing and leasing of the dense dark fiber infrastructure and related agreements (Dark Fiber Assets). In general, the Manager manages the operational activities of the Asset Entities who in turn provide dense dark fiber infrastructure and related network solutions to hyperscale cloud, carrier, data center, government and enterprise customers. As a primarily dark fiber infrastructure platform provider, the Asset Entities typically serve customers who control and secure their own transmission equipment that is needed to “light” each discrete collection of Dark Fiber Assets within a geographic area (Dark Fiber Networks). The revenues of the Asset Entities consist of fees paid by customers for licensing or leasing fiber pairs on the Dark Fiber Networks.

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Methodologies

• ABS: Communications Infrastructure Securitization (CIS) Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• 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), 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: 1012072

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