KBRA Publishes Preliminary Ratings to Cologix Canadian Issuer Limited Partnership, Series 2026-1/2
KBRA publishes preliminary ratings to Cologix Canadian Issuer Limited Partnership, Series 2026-1/2. KBRA initially assigned unpublished preliminary ratings of A- (sf), A- (sf), BBB- (sf), and BB- (sf) to the Class A-1-V Notes, Class A-2 Notes, Class B Notes, and Class C Notes on August 7, 2026, and since that time have remained the same. The Series 2026-1/2 Notes represent the third Canadian ABS issuance issued by Cologix Canadian Issuer Limited Partnership. Similar to other master trust transactions, the Issuer can offer subsequent series of notes if certain requirements in the transaction documents are met.
The Notes are secured by 21 completed and operating Canadian data centers generating approximately $234.2 million of Total Annualized Revenue (AMRR) and approximately $150.2 million of Annualized Adjusted NOI (AANOI) as of March 31, 2026. This includes fee simple or equivalent ownership interests in four multi-customer enterprise data centers, representing approximately 41.9% of AANOI, and leasehold interests in 17 multi-customer enterprise data centers, representing approximately 58.1% of AANOI. The data centers are located across three Canadian markets: Montréal, Toronto and Vancouver.
