DBRS Withdraws the Commercial Paper Rating for UnionBanCal Commercial Funding Corporation

DBRS has today withdrawn the Commercial Paper rating for UnionBanCal Commercial Funding Corporation (UCFC), a subsidiary of UnionBanCal Corporation (UB or the Company: rated ‘A’ with a Stable trend), following the termination of the program by the Company.

On December 31, 2009, UB terminated the UCFC commercial paper program. DBRS notes that the Company will issue all future commercial paper through its two remaining bank-level commercial paper programs ( the Union Bank, N.A. and Union Bank Cayman Island programs), which were put in place in the Spring of 2009. The Short-Term Instruments rating for these programs remains at R-1 (middle).

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodologies are Rating Banks and Bank Holding Companies Operating in the United States, and Enhanced Methodology for Bank Ratings – Intrinsic and Support Assessments which can be found on our website under Methodologies.

This is a Corporate (Financial Institutions) rating.