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

  • ID: 1785030
  • May 2011
  • Standard & Poors
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  • Fosse Master Issuer PLC
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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 holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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- Fosse Master Issuer PLC

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