KBRA Assigns Preliminary Ratings to MelTel Land Funding LLC, Series 2019-1

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three
classes of Secured Cellular Site Revenue Notes, Series 2019-1
(the “Notes”) issued by MelTel Land
Funding LLC
(see ratings list below).

The Notes anticipated to be issued by MelTel Land Funding LLC (the
“Issuer”) will be managed by Melody Wireless Infrastructure Inc. As of
the closing date, the Original Asset Entity (a wholly-owned subsidiary
of the Issuer) is expected to hold assets that consist primarily of
1,232 Cellular Sites in the United States with an Annualized Ground
Lease Net Cash Flow of approximately $36.4 million calculated as of
December 2018. The business of the Original Asset Entity primarily
consists of acquiring, owning and managing ownership and leasehold
interests in real property which underlie wireless communications
towers, antennae, platforms or other equipment (each, a “Cellular Site”).

The transaction will benefit from sufficient credit support, along with
a dynamic transaction structure that accelerates principal payments to
the noteholders upon the weakening of collateral performance. Such
structural features include cash trap conditions, servicer termination
events and reserve accounts.

KBRA analyzed the transaction using KBRA’s Global
General Rating Methodology for Asset-Backed Securities
published
on November 28, 2017.

       
Series and Class     Preliminary Rating     Principal Balance (USD)
Series 2019-1 Class A     A (sf)     $237,700,000
Series 2019-1 Class B     BBB (sf)     $54,800,000
Series 2019-1 Class C     BB (sf)     $27,500,000
 

To access ratings, reports and disclosures, click here.

Related Publications: (available at www.kbra.com)

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. 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, and
is a certified Credit Rating Agency (CRA) by the European Securities and
Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is
registered with ESMA as a CRA.

Contacts

Analytical Contacts:

Xilun Chen, CFA, Senior Director
(646) 731-2431
xchen@kbra.com

Fred Perreten, Senior Director
(646) 731-2454
fperreten@kbra.com

Shi Shen, CFA, Associate
(646) 731-2480
sshen@kbra.com

Lenny Giltman, Senior Managing Director
(646) 731-2378
lgiltman@kbra.com