KBRA Assigns Preliminary Ratings to DataBank Series 2024-1

NEW YORK–(BUSINESS WIRE)–#creditratingagency–KBRA assigns preliminary ratings to the Series 2024-1 Class A-2 notes issued by Databank Issuer, LLC and Databank Co-Issuer, LLC (DB 2024-1), a data center securitization. DB 2024-1 represents the fourth series of notes issued by DataBank Issuer, LLC and DataBank Co-Issuer, LLC. All series share in the same collateral pool, which will be increased with the additional collateral on the closing date of DB 2024-1. KBRA’s rating analysis incorporates all prior debt issuance of the issuers. KBRA anticipates affirming the ratings of all outstanding series with the issuance of DB 2024-1.

DataBank Holdings Ltd. serves as the manager for the trust. The Notes are secured by 35 data centers. This includes fee simple ownership interests in 18 (62.3% of net operating income) multi-customer enterprise data centers located in the Salt Lake City, Dallas, Houston, Denver, Kansas City, Atlanta, Pittsburgh and Irvine markets; leasehold interests in 15 (32.7% of net operating income) multi-customer enterprise data centers located in the Chicago, Dallas, Houston, Minneapolis, Indianapolis, Pittsburgh, Irvine, Las Vegas, Cleveland, Los Angeles, Salt Lake City and San Diego markets; leasehold interests in one (2.1% of net operating income) multi-customer enterprise data center that is subject to a 99-year air space lease located in Atlanta and one (2.9% of net operating income) multi-tenant enterprise data center that is subject to a long-term lease with a 25-year initial term and 12 extension periods of 10 years located in Texas. The securitized data centers are comprised of approximately 1.5 million square feet (sf) of data center space and can provide approximately 243 megawatts (MW) of critical load power to customers.

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Methodologies

• CMBS: U.S. CMBS Property Evaluation Methodology
• CMBS: U.S. CMBS Single Borrower & Large Loan Rating Methodology
• ABS: General Global Rating Methodology for Asset Backed Securities
• 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) 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. 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.

Doc ID: 1003132

Contacts

Analytical Contacts

Joanne DeSimone, Managing Director, ABS Commercial (Lead Analyst)

+1 646-731-2306

joanne.desimone@kbra.com

Fred Perreten, Managing Director

+1 646-731-2454

fred.perreten@kbra.com

Maulik Pareliya, Senior Analyst

+1 646-731-1333

maulik.pareliya@kbra.com

Eric Neglia, Head of Commercial and Consumer ABS (Rating Committee Chair)

+1 646-731-2456

eric.neglia@kbra.com

Business Development Contact

Arielle Smelkinson, Senior Director

+1 646-731-2369

arielle.smelkinson@kbra.com