PCL Funding III PLC: Rating Report

DBRS, Inc. (DBRS) finalized its provisional ratings on the Series 2017-2 Notes (the Notes) issued by PCL Funding III PLC (the Issuer) as follows:

-- GBP 255,000,000 Series 2017-2 Class A Notes rated AAA (sf)
-- GBP 17,250,000 Series 2017-2 Class B Notes rated A (high) (sf)
-- GBP 11,250,000 Series 2017-2 Class C Notes rated BBB (high) (sf)