DBRS Morningstar Confirms The KCL Master Trust KS(1)L Series K-Note at AA (sf)

DBRS Limited (DBRS Morningstar) confirmed the rating of AA (sf) on the KS(1)L Series K-Note (the K-Note) issued by The KCL Master Trust. The Commonwealth Bank of Australia (CBA; rated AA with a Stable trend by DBRS Morningstar) guarantees the payments owed to the holder of the K-Note. The rating on the K-Note flows through from DBRS Morningstar’s rating on the Senior Debt of the CBA.

DBRS Morningstar assigned the rating at the request of the owner of the K-Note.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
The principal methodology is Master Canadian Structured Finance Surveillance Methodology (August 31, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

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

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

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