Hotwire Funding ratings affirmed as KBRA withdraws repaid note classes
Hotwire Funding, a communications infrastructure securitization tied to fiber optic network assets, keeps key ratings in place while several note classes are removed after full repayment. The review uses data from the September 2026 collection period and indicates existing credit enhancement remains sufficient for the affirmed notes.
Highlights
- KBRA affirms ratings on Hotwire Funding's Series 2021-1, Class A-1-V and Series 2024-1, Class A-2, B, and C Notes, withdrawing ratings on fully repaid 2021-1 and 2023-1 A-2, B, and C classes.
- KBRA cites sufficient existing credit enhancement and timely principal and interest payments as key factors supporting the affirmed ratings for remaining notes.
- The securitization is backed primarily by fiber-to-the-home assets, with performance reviewed based on the September 2026 collection period data for the October 2026 payment date.
Rating actions on outstanding and repaid notes
As reported by Kroll Bond Rating Agency, KBRA affirms its ratings on Hotwire Funding, LLC's Series 2021-1, Class A-1-V Notes and the Series 2024-1, Class A-2, Class B, and Class C Notes. At the same time, it withdraws its ratings on the Series 2021-1, Class A-2, Class B, and Class C Notes and the Series 2023-1, Class A-2, Class B, and Class C Notes after those securities are repaid in full.KBRA says its analysis shows the existing credit enhancement for the remaining notes is sufficient to support the affirmed ratings. The agency also says the securities have so far received timely interest payments and scheduled principal payments, where applicable.
Fiber network collateral supports securitization
The review is based on data as of the September 2026 collection period, with the related October 2026 payment date. The transaction is backed by communications infrastructure assets serving primarily multi-dwelling units and multi-tenant properties.Hotwire Funding's issuer owns and operates fiber optic communication systems that provide digital infrastructure services to homeowners' associations, condominium associations, apartments, student housing, hotels and municipalities, collectively described as bulk communities. Additional revenue comes from bulk upsell contracts for residents within those communities and retail contracts for individual customers outside them.
The collateral consists mainly of fiber-to-the-home infrastructure, along with related easements, rights of use and access agreements, associated customer contracts and rights under a shared infrastructure services agreement. That asset mix underpins the securitization's payment performance and credit profile.
As noted in our earlier article, AI data center financing risks have been rising amid delays, higher costs and power constraints.
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