About Cabling Installation & Maintenance

Our mission: Bringing practical business and technical intelligence to today's structured cabling professionals

For more than 30 years, Cabling Installation & Maintenance has provided useful, practical information to professionals responsible for the specification, design, installation and management of structured cabling systems serving enterprise, data center and other environments. These professionals are challenged to stay informed of constantly evolving standards, system-design and installation approaches, product and system capabilities, technologies, as well as applications that rely on high-performance structured cabling systems. Our editors synthesize these complex issues into multiple information products. This portfolio of information products provides concrete detail that improves the efficiency of day-to-day operations, and equips cabling professionals with the perspective that enables strategic planning for networks’ optimum long-term performance.

Throughout our annual magazine, weekly email newsletters and 24/7/365 website, Cabling Installation & Maintenance digs into the essential topics our audience focuses on.

  • Design, Installation and Testing: We explain the bottom-up design of cabling systems, from case histories of actual projects to solutions for specific problems or aspects of the design process. We also look at specific installations using a case-history approach to highlight challenging problems, solutions and unique features. Additionally, we examine evolving test-and-measurement technologies and techniques designed to address the standards-governed and practical-use performance requirements of cabling systems.
  • Technology: We evaluate product innovations and technology trends as they impact a particular product class through interviews with manufacturers, installers and users, as well as contributed articles from subject-matter experts.
  • Data Center: Cabling Installation & Maintenance takes an in-depth look at design and installation workmanship issues as well as the unique technology being deployed specifically for data centers.
  • Physical Security: Focusing on the areas in which security and IT—and the infrastructure for both—interlock and overlap, we pay specific attention to Internet Protocol’s influence over the development of security applications.
  • Standards: Tracking the activities of North American and international standards-making organizations, we provide updates on specifications that are in-progress, looking forward to how they will affect cabling-system design and installation. We also produce articles explaining the practical aspects of designing and installing cabling systems in accordance with the specifications of established standards.

Cabling Installation & Maintenance is published by Endeavor Business Media, a division of EndeavorB2B.

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Patrick McLaughlin

Serena Aburahma

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KBRA Releases Research – Private Credit: A Breakout Year for Rated Note Feeders and CFOs

KBRA releases research taking a closer look at how rated note feeders (RNF) and collateralized fund obligations (CFO) have gained significant momentum in 2025, already breaking all other issuance records. The growth reflects strong adoption by investors as effective and customizable means to access alternative assets and for alternative asset managers as viable fundraising tools.

This report highlights the key trends shaping both structures, their rating stability despite credit cycle concerns, and our expectations for the remainder of 2025.

Key Takeaways

  • No KBRA-rated RNF or CFO downgrades have occurred in 2025. Rather, KBRA has upgraded six tranches collectively as rated funds begin to mature, exit their investment period, and de-lever in accordance with their respective amortization schedules.
  • We are monitoring how broader market dynamics are affecting the asset quality, cash flow, and liquidity of rated transactions. Competition for new DL opportunities has compressed spreads and loosened underwriting terms, which could adversely affect RNFs if excess spreads are reduced, default rates increase, or recoveries are compromised. At the same time, mergers and acquisitions activity has remained constrained by valuation gaps between buyers and sellers, market uncertainty, and elevated base rates, potentially causing CFO cash flows to come under stress if capital calls continue and distributions do not accelerate.
  • By September, KBRA-rated DL feeders and CFOs had already set all-time issuance records, totaling $9 billion and $16 billion, respectively—surpassing the volume of every prior full year. These records were driven by the largest fund investment vehicle KBRA has rated to date, an increase in new and repeat issuers, and a broadening of investor diversity, master fund structures, target investment regions, and collateral types.
  • While CFO structures have remained relatively consistent recently, RNFs have increasingly been issued with three or more tranches over the last 12 months (LTM) ended June 30, 2025. We expect this trend to accelerate as more equity is substituted with additional rated debt tranches. We also assigned ratings to multiple deals with four tranches during 2025, marking our first fund investment transactions with this structure, demonstrating KBRA’s ability to utilize the full spectrum of the ratings table.

For a more detailed breakdown, see our prior RNF and CFO research.

Click here to view the report.

Recent Publications

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1011292

Contacts

John Sage, Senior Director

+1 646-731-1452

john.sage@kbra.com

William Cox, Chief Rating Officer

+1 646-731-2472

william.cox@kbra.com

Eric Neglia, Senior Managing Director, Global Head of Funds Ratings

+1 646-731-2456

eric.neglia@kbra.com

Thomas Speller, Global Head of Fund Finance

+44 20 8148 1025

thomas.speller@kbra.com

Ryon Aguirre, Managing Director

+1 646-731-1239

ryon.aguirre@kbra.com

Media Contact

Adam Tempkin, Senior Director of Communications

+1 646-731-1347

adam.tempkin@kbra.com

Business Development Contact

Constantine Schidlovsky, Senior Director

+1 646-731-1338

constantine.schidlovsky@kbra.com

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