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

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

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

Notes:
The principal methodologies are Master Canadian Structured Finance Methodology (May 2017) and Structured Finance Flow-Through Ratings (January 2017), which are available on our website under Methodologies.

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.