DBRS Confirms Ratings on PCL Funding II & III PLC

DBRS, Inc. (DBRS) confirmed its ratings on the Series 2017-1 Class A Notes, Series 2017-1 Class B Notes and Series 2017-1 Class C Notes of PCL Funding II PLC at AAA (sf), A (high) (sf) and BBB (high) (sf), respectively, as well as its ratings on the Series 2017-2 Class A Notes, Series 2017-2 Class B Notes and Series 2017-2 Class C Notes of PCL Funding III PLC at AAA (sf), A (high) (sf) and BBB (high) (sf), respectively. The confirmations reflect performance trends and credit enhancement levels that are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- The credit quality of the collateral pool and historical performance.

Notes:
The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies.

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

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.

Please see attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

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