DBRS Assigns A (high) (sf) Rating to the Class A Notes of Topco Holdings Ltd.

DBRS, Inc. (“DBRS”) has today assigned a rating of A (high) (sf) to 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.

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.

The rating reflects the following:

(1) The Indenture dated July 10, 2014.

(2) The integrity of the transaction structure.

(3) The credit risk introduced by transaction counterparties.

The principal methodology is Rating Methodology for CLOs and CDOs of Large Corporate Credit, which can be found on our website under Methodologies.

This credit rating has been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

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