KBRA is assigning a preliminary rating to the Series 2025-1 Class A-2 Notes (the Series 2025-1 Notes) from Cogent IPv4 LLC, Series 2025-1 (Cogent 2025-1), a securitization primarily collateralized by Internet Protocol version 4 (IPv4) addresses and related contracts and receivables.

The Series 2025-1 Notes are anticipated to be issued by Cogent IPv4 LLC (the Issuer) and represents the second securitization from Cogent Communications, LLC. (Cogent, the Manager, the Company), a wholly-owned subsidiary of Cogent Communications Holdings, Inc. (the Parent). The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes, subject to rating agency confirmation and other considerations. The proceeds from the sale of the Notes will be used to pay certain expenses and fees of the transaction, to fund applicable securitization accounts, including a Prefunding Account and accompanying Yield Maintenance Reserve Account, and to be used for general corporate purposes.

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Related Publications

• KBRA Assigns Preliminary Ratings to Cogent IPv4 LLC, Series 2024-1
• Cogent IPv4 LLC, Series 2024-1 New Issue Report

Methodologies

• 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), 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: 1008802

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