KBRA assigns a preliminary rating to one class of notes from Cogent IPv4 LLC, Series 2024-1 (Cogent 2024-1). Transaction collateral primarily includes Internet Protocol Version 4 (IPv4) addresses and related contracts and receivables. The Series 2024-1 Notes are anticipated to be issued by Cogent IPv4 LLC (the Issuer) and represent the first securitization from Cogent Communications, Inc. (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 primarily be used to pay certain issuance expenses, to fund certain reserve accounts and to be used for general corporate purposes.

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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) 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.

Doc ID: 1003784

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