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
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