Preliminary credit ratings have been assigned to the £301.3 million floating-rate credit-linked Provide Graphite series 2005-2 notes to be issued by Graphite Mortgages PLC, hereafter called the PROVIDE GRAPHITE 2005-2 transaction. PROVIDE GRAPHITE 2005-2 is structured as a synthetic, partially funded RMBS. Its purpose is to transfer the credit risk associated with a pool of residential mortgage loans on the balance sheet of Northern Rock PLC (A/Positive/A-1). The collateral backing the notes will be certificates of indebtedness ("Schuldscheine") issued by KfW (AAA/Stable/A-1+). The ratings on the notes are dependent on the credit quality of KfW. Potential changes to the rating on KfW during the life of this transaction could, therefore, have a direct effect on the ratings on the notes....
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