DBRS Maintains Under Review with Negative Implications Status on Topco Holdings Ltd.’s Rating

DBRS, Inc. (DBRS) has today maintained the Under Review with Negative Implications status on 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. The DBRS rating reflects the principal risk to noteholders of the insolvency of UBS AG, London Branch.

DBRS initially placed the rating Under Review with Negative Implications on May 29, 2015, as a result of DBRS’s reassessment of systematic support for systematically important banks.

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 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.

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

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

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

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