KBRA is assigning preliminary ratings to the Series 2026-1 Class A-2 Notes, Class B Notes, and Class C Notes (the Series 2026-1 Notes) from Adams Outdoor Advertising Limited Partnership, (the Issuer), an asset-backed securitization that is primarily collateralized by billboards and revenue generated from the related contracts. The rating actions follow KBRA’s analysis which indicates that existing credit enhancement for the notes and cash flows are sufficient to support the ratings following the issuance of the Series 2026- 1.

In conjunction with the issuance of the Series 2026-1 Notes, the Series 2023-1 Class A-2, Class B, and Class C Notes are expected to be repaid, at which time KBRA expects to withdraw the related ratings. KBRA also anticipates affirming the ratings on the Series 2023-1 Class A-1 Notes at closing.

The collateral includes Billboard Assets (outdoor displays used to advertise products and services) and permits and contracts, related collections, and transaction accounts. The Billboard Assets include, but are not limited to all billboards, transit displays, mall displays, parking garage displays, production services, online services, customer contracts, electronic displays for billboards and any leasehold interest in such electronic displays for billboards owned by the Issuer, permits, licenses, contracts, ground leases, real property, insurance proceeds, and structures as well as any amounts on deposit in the liquidated billboard asset sub-account.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

• Adams Outdoor Advertising Limited Partnership Series 2023-1 New Issue Report
• Adams Outdoor Advertising Limited Partnership Series 2023-1 Surveillance Report

Methodologies

• ABS: General Global Rating Methodology for Asset Backed Securities
• Structured Finance: Global Structured Finance Counterparty 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.

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