DBRS Morningstar Confirms Rating on Topco Holdings Ltd. Class A Notes at AA (low) (sf)

DBRS, Inc. (DBRS Morningstar) confirmed its rating on the $100,000,000 Class A Notes (the Notes) issued by Topco Holdings Ltd. (Topco) pursuant to the Indenture dated as of July 10, 2014, and further amended as of November 22, 2016 (Amendment No. 1 to the Indenture), at AA (low) (sf).

The rating reflects the principal risk of UBS AG, London Branch’s insolvency to Noteholders and Topco’s ability to make ultimate payments of principal on or before the stated Maturity Date of June 25, 2021 (as defined in the Indenture). DBRS Morningstar rates the Notes on a principal-only basis, and the rating does not reflect DBRS Morningstar’s opinion on the likelihood of repayment of interest.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is Structured Finance Flow-Through Ratings, which can be found on dbrs.com under Methodologies & Criteria.

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.dbrs.com or contact us at info@dbrs.com.

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