NEW YORK–(BUSINESS WIRE)–#creditratingagency–KBRA assigns preliminary ratings to the Series 2025-1 Class A-1-V Notes, Class A-2 Notes, Class B Notes, and Class C Notes (the Series 2025-1 Notes) from Wireless PropCo Funding LLC (the Issuer), a communications infrastructure securitization. Concurrently, the rating of A (sf) for the Series 2024-1 Class A Notes is being published. The rating was initially assigned on May 3, 2024, on an unpublished basis, and since that time has remained stable and has not changed. KBRA re-analyzed the prior series rated by KBRA in conjunction with the issuance of the Series 2025-1 Notes and anticipates affirming the rating on the outstanding series.
The Series 2025-1 Notes are being issued by Wireless PropCo Funding LLC (the Issuer) and represent Symphony Towers Infrastructure LLC’s (Symphony, the Company, or the Manager) second securitization. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes. The proceeds from the sale of the Notes are primarily being used to pay certain expenses of issuance, to fund the Liquidity Reserve Account, acquire the trust collateral and for general corporate purposes.
Symphony was established in 2019 initially under the name Symphony Wireless. In Q4 2024, Palistar Communications Infrastructure Fund II investments, including Wireless PropCo, CTI Towers, and Wireless TowerCo, consolidated into one of the largest private telecom infrastructure platforms in the United States, managed by Symphony Towers. Symphony manages the entirety of the securitized portfolio, and the Company has demonstrated consistent cash flow growth since inception. The trust collateral includes the long term and perpetual easements underlying macro wireless communications sites including towers, structures, rooftops and antenna sites (Cellular Sites). Symphony then enters lease agreements with mobile network operator/carrier (MNO) or tower companies who use the asset for the placement of telecommunications transmissions equipment, or in the case of tower operators, provides services to an MNO. As of March 31, 2025, the portfolio’s leases are primarily tenant lease contracts relating to 977 securitized Cellular Sites across all 50 states.
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Methodologies
- Structured Finance: Global Structured Finance Counterparty Methodology
- ABS: Communications Infrastructure Securitization (CIS) Global Rating 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: 1009610
Contacts
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Matthew Gardener, Senior Director (Lead Analyst)
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matthew.gardener@kbra.com
Xilun Chen, Managing Director
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xilun.chen@kbra.com
Chris Baffa, Senior Director
+1 646-731-3312
chris.baffa@kbra.com
Kenneth Martens, Managing Director (Rating Committee Chair)
+1 646-731-3373
kenneth.martens@kbra.com
Business Development Contact
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