It looks like For Honor does not have Dedicated Multiplayer servers, uses P2P connectivity instead

On the surface, For Honor looks like an authentically unique and awesome game. Unfortunately, this is the second red flag in the past week that has popped up around the internet, and it's becoming hard to ignore. About a week ago, it was rumored that For Honor would require players to have an internet connection at all times, including single player. Now, one player who is taking part in the game's current Alpha Test has reported that the game uses Peer-to-Peer connections rather than full dedicated servers.

El_Duairra posted a video to vid.me showcasing consistent connection drops and long load times. Here's the video:

For those who don't know, P2P connections rely on players to sustain stability, which with the variation in quality of internet connections and service providers, it creates an environment ripe for instability (as you can see above). It's also cheaper for the developer to implement this sort of connection type into their games as opposed to investing in dedicated servers. It might be that because For Honor is a new IP, Ubisoft doesn't trust that the game will be able to sustain a consistent player base enough to warrant the investment in new servers.

Basically, if you want For Honor to stick around and improve, it needs to take off. "Show me the money."

Source: [PS4 Subreddit]