DBRS Confirms Rating on Topco Holdings Ltd.

DBRS, Inc. (DBRS) has confirmed the rating of A (high) (sf) on the $100,000,000 Class A Notes (the Notes) issued by Topco Holdings Ltd. pursuant to Amendment No. 1 to the Indenture dated as of November 22, 2016. 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 amended and 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 was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.