DBRS Comments on PCL Funding I Limited’s Deed of Amendment, Accession and Transfer

DBRS, Inc. (DBRS) commented on the execution by PCL Funding I Limited (VFN Issuer) of the Deed of Amendment, Accession and Transfer (Amendment Deed). The changes executed in the Amendment Deed align the concentration limits with the terms of the most recently issued in November 2017 term asset-backed securities sponsored by Premium Credit Limited (PCL Funding III PLC, Series 2017-2 Notes). In addition, the Senior ETNs of Series 2012 Senior VFN (currently rated AAA (sf) by DBRS) will remain outstanding and be tranched into the rated Class A Eligible Trust Notes (Class A ETNs) and the unrated Class B ETNs. After the execution of the Amendment Deed, the total commitment amount for the Class A ETNs and Class B ETNs was reduced by GBP 25,000,000 to a total of GBP 519,000,000. The commitment amount under the rated Class A ETNs is GBP 500,000,000. The execution of the Amendment Deed did not result in a withdrawal or a downgrade of the Amended Senior ETN Certificate rating by DBRS.

Notes:
All figures are in GBP unless otherwise noted.

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

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