KBRA Assigns Preliminary Ratings to Adams Outdoor Advertising Limited Partnership (LP), Secured Billboard Revenue Notes, Series 2018-1

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three
classes of secured billboard revenue notes, Series 2018-1 (the “Notes”)
issued by Adams Outdoor Advertising Limited Partnership (LP).

The Secured Billboard Revenue Notes, Series 2018-1 Class A Notes, the
Series 2018-1 Class B Notes and the Series 2018-1 Class C Notes
(together, the “Series 2018-1 Notes” or the “Notes”) anticipated to be
issued by Adams Outdoor Advertising Limited Partnership (the “Issuer”)
represents the Issuer’s fourth securitization. AOA Management Company
Limited Partnership (“AOA”, the “Manager” or the “Company”) is an
indirect owner of the Issuer and will administer collections and
otherwise manage the Billboard Assets on behalf of the Issuer. The
Issuer is a master trust and, as such, the indenture permits the
issuance of additional classes and series of notes.

The Notes are primarily secured by substantially all Billboard Assets
owned by the Issuer. As of August 31, 2018, the Issuer operated, in the
aggregate, approximately 9,789 advertising displays, including
approximately 3,432 bulletins, 6,048 posters, 265 digital displays and
44 other displays. The portfolio’s net outdoor advertising revenues and
eligible net cash flow as of August 31, 2018 was approximately $124.9
million and $66.8 million, respectively.

The transaction will benefit from sufficient credit support, an interest
reserve account and other structural features including scheduled
amortization to the noteholders and DSCR triggers that divert additional
cash to pay the notes upon the weakening of collateral performance.
These structural features are further described in the Adams
Outdoor Advertising LP, Secured Billboard Revenue Notes, Series 2018-1
Pre-Sale Report

KBRA analyzed the transaction using both KBRA’s Global
General Rating Methodology for Asset Backed Securities
on November 28.2017 and KBRA’s U.S.
CMBS Property Evaluation Methodology
published on August 3, 2017.

      Series and Class*       Preliminary Rating       Principal Balance (USD)    
      Series 2018-1, Class A       A (sf)       $395,800,000    
      Series 2018-1, Class B       BBB (sf)       $35,000,000    
      Series 2018-1, Class C       BB (sf)       $74,200,000    

Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required,
pursuant to SEC Rule 17g-7, to provide a description of a transaction’s
representations, warranties and enforcement mechanisms that are
available to investors when issuing credit ratings. KBRA’s disclosure
for this transaction can be found in the report available 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, is 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.


Xilun Chen, Senior
(646) 731-2431
Perreten, Director
(646) 731-2454
Baffa, Associate Director
(646) 731-3312
Giltman, Managing Director
(646) 731-2378


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