DBRS Confirms Topco Holdings Ltd. at A (high) (sf)

DBRS Inc. (DBRS) confirmed the rating of A (high) (sf) on the $100,000,000 Class A Notes (the Notes) issued by Topco Holdings Ltd. pursuant to the Indenture dated as of July 10, 2014, and further amended as of November 22, 2016 (Amendment No. 1 to the Indenture). The DBRS rating reflects the principal risk to Noteholders of the insolvency of UBS AG, London Branch.

The DBRS rating addresses the ability of Topco Holdings Ltd. to make ultimate payments of principal on or before the stated Maturity Date of June 25, 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 principal methodology is 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 for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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