DBRS Comments on PCL Funding I Limited’s Lower Commitment Amount for Senior ETNs of Series 2012 Senior VFN

DBRS, Inc. (DBRS) has today commented on the lower commitment amount for the Senior ETNs of Series 2012 Senior VFN (the VFNs) issued by PCL Funding I Limited (PCL). On February 2, 2017, DBRS rated the maximum GBP 1,150,000,000 VFNs at AA (high) (sf). The documentation creating the VFNs has since been amended to lower the maximum commitment amount to GBP 850,000,000 from GBP 1,150,000,000. After review, DBRS has confirmed that the amended commitment amount will not result in a reduction or withdrawal of the outstanding DBRS ratings on the related notes.

Notes:
All figures are in British pounds sterling unless otherwise noted.

The principal methodologies are Rating European Consumer and Commercial Asset-Backed Securitisations and Rating CLOs and CDOs of Large Corporate Credit, which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

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