KBRA assigns preliminary ratings to the Series 2026-1/2 Notes (the “Series 2026-1/2 Notes” and, collectively, Zayo 2026-1/2), consisting of Class A-2 Notes, Class B Notes, and Class C Notes, from Zayo Issuer, LLC (the “Issuer”), a communications infrastructure securitization.

The Series 2026-1/2 Notes include notes issued in Series 2026-1 and Series 2026-2 under a common indenture and secured by the same collateral pool. Series 2026-1 includes Class A-2, Class B and Class C notes, and Series 2026-2 includes Class A-2, and Class B notes.

Zayo 2026-1/2 represents the Issuer’s fourth and fifth securitization following Series 2025-1, Series 2025-2 and Series 2025-3. At the closing of the Series 2026-1/2 Notes, KBRA anticipates affirming the ratings on the Issuer’s outstanding Series 2025-1, Series 2025-2 and Series 2025-3 notes (the “Existing Notes” and, together with the Series 2026-1/2 Notes, the “Notes”). The ratings are consistent with the results of KBRA’s cash flow analysis following the addition of the Series 2026-1/2 Notes.

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 fund certain reserve accounts including the liquidity reserve account, transaction fees, and for general corporate purposes, which may include capital expenditures.

To access ratings and relevant documents, click here.

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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: 1014300

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