DBRS Confirms Rating of The KCL Master Trust KS(1)L Series K-Note

DBRS Limited (DBRS) has today confirmed the rating of AA (sf) to the KS(1)L Series K-Note (the K-Note) issued by
The KCL Master Trust. Payments due to the holder of the K-Note are guaranteed by the Commonwealth Bank of Australia (CBA). The rating on the K-Note mirrors DBRS’s rating on the Senior Debt of the CBA.

The rating is assigned at the request of the owner of the K-Note for regulatory purposes.

Notes:
The applicable methodologies are Master Canadian Structured Finance Methodology (May 2016) and Structured Finance Flow-Through Ratings (January 2016), which are available on our website under Methodologies.

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