DBRS Confirms A (high) (sf) Rating on the Class A Notes Issued by Topco Holdings Ltd. and Places Ratings Under Review with Negative Implications

DBRS, Inc. (DBRS) has today confirmed the rating of A (high) (sf) on the $100,000,000 Class A Notes (Notes) issued by Topco Holdings Ltd. pursuant to the Indenture dated as of July 10, 2014. The DBRS rating reflects the principal risk to Noteholders of the insolvency of UBS AG, London Branch.

DBRS has also placed the rating on the Notes Under Review with Negative Implications, as the Senior Unsecured Long-Term Debt issued by UBS AG has been placed Under Review with Negative Implications as a result of DBRS’s reassessment of systematic support for systematically important banks.

The DBRS rating addresses the ability of Topco Holding Ltd. to make ultimate payments of principal on or before the Stated Maturity Date of June 30, 2021 (as defined in the Indenture referred to above). The Notes have been rated by DBRS on a principal-only basis. The rating does not reflect any opinion on the likelihood of repayment of interest.

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

The applicable methodology is Rating CLOs and CDOs of Large Corporate Credit.

The rating methodologies and criteria used in the analysis of this transaction can be found at http://www.dbrs.com/about/methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.