KBRA assigns preliminary ratings to the Series 2023-1 Class A-2 notes issued by Databank Issuer, LLC and Databank Co-Issuer, LLC (DB 2023-1), a data center securitization.

DB 2023-1 represents the third 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 2023-1. 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 2023-1.

DataBank Holdings Ltd. serves as the manager for the trust. The Notes are secured by 30 data centers. This includes leasehold interests in 15 (49.3% of net operating income) multi-customer enterprise data centers located in the Chicago, Dallas, Minneapolis, Indianapolis, Pittsburgh, Irvine, Las Vegas, Cleveland, Los Angeles, Salt Lake City and San Diego markets; fee simple ownership interests in 14 (approximately 48.6% of net operating income) multi-customer enterprise data centers located in the Salt Lake City, Dallas, Denver, Kansas City, Atlanta, Pittsburgh and Irvine markets and 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. The securitized total data centers are comprised of approximately 857,840 square feet of data center space and can provide approximately 115 megawatts of critical load power to customers.

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Related Publications

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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. 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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