KBRA assigns preliminary ratings to Series 2026-1 Notes (Fidium 2026-1 or Series 2026-1) from Fidium, LLC and Fidium Fiber Finance Holdco LLC (the Co-Issuers), a communications infrastructure securitization (CIS) that is primarily collateralized by fiber-to-the-premises (FTTP) networks and related contracts.

Fidium 2026-1 represents the third securitization for Fidium, LLC (f/k/a Consolidated Communications, LLC) and Fidium Fiber Finance Holdco LLC (together the Co-Issuers), following the issuance of Series 2025-4 in December 2025. The transaction structure is a master trust and, as such, the indenture permits the issuance of additional classes and series of notes subject to certain conditions including rating agency confirmation. The Co-Issuers are issuing three note classes from Series 2026-1. KBRA’s rating analysis incorporates all prior debt issuance of the Co-Issuers. In conjunction with the issuance of Series 2026-1, KBRA anticipates affirming the ratings on the outstanding notes (the Existing Notes and, together with Series 2026-1, the Notes).

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Methodologies

• ABS: Communications Infrastructure Securitization (CIS) Global Rating Methodology
• 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), 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.

Doc ID: 1013708

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