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Presale: Fosse Master Issuer PLC (Series 2011-1) May 11 Product Image

Presale: Fosse Master Issuer PLC (Series 2011-1) May 11

  • Published: May 2011
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services has assigned preliminary credit ratings to Fosse Master Issuer PLC's mortgage-backed notes series 2011-1. In addition, Fosse Master Issuer will issue subordinated unrated class Z notes. The general reserve fund will not increase and will provide further credit enhancement. On the closing date, Fosse will purchase additional collateral in connection with this transaction. A pool of first-ranking mortgages secured over properties in England, Scotland, Wales, and Northern Ireland will collateralize the notes. Alliance & Leicester PLC (whose assets and liabilities Santander UK PLC assumed in May 2010) historically originated all of the loans in the trust. Subsequently, credit policy and risk management at Alliance & Leicester were aligned with those of Santander UK, to the...

Companies mentioned in this report are:
- Fosse Master Issuer PLC

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of READ MORE >

- Fosse Master Issuer PLC

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