Zayo Network Services is preparing to issue $846.2 million from the capital markets, secured by a pool of revenue from contracts related to fiber network assets. It is the master trust's third securitization this year. The Zayo Issuer 2025-3 will issue three classes of notes, all of which are anticipated to repay in October 2032, and have a final maturity date in October 2055, according to Kroll Bond Rating Agency. KBRA assigns ratings of A-, BBB and BB-, to the classes A2, B and C notes, respectively. Meanwhile, the rating agency affirmed all the ratings to the master trust's outstanding notes. In the portfolio, fiber and transport and network connectivity account for about 74.9% and 25.1% of revenues, respectively, the rating agency said. The transaction's entities provide long-haul, middle-mile, and last-mile services to commercial customers.