DBRS Comments on PCL Funding I Limited Lowering Commitment Amount of Senior ETNs of Series 2012 Senior VFN

DBRS, Inc. (DBRS) commented on the lowered commitment amount for the Senior ETNs of Series 2012 Senior VFN (the VFN; rated AAA (sf) by DBRS) issued by PCL Funding I Limited. The VFN documentation has been amended to lower the maximum commitment amount to GBP 544,000,000 from GBP 850,000,000. In addition, consistent with the reduction in the commitment amount, the floor for the Minimum Required Credit Enhancement has been reduced to GBP 30,000,000 from GBP 50,000,000. After conducting a review, DBRS confirms that these amendments will not result in a reduction or withdrawal of the outstanding DBRS rating on the VFN.

Notes:
All figures are in British pounds sterling unless otherwise noted.

The principal methodologies are Rating European Consumer and Commercial Asset-Backed Securitisations, Rating CLOs and CDOs of Large Corporate Credit and Rating CLOs Backed by Loans to European SMEs, which can be found on dbrs.com under Methodologies.

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

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.