Preliminary Ratings Assigned In RBS's Latest U.K. ABS Credit Card Transaction Nov 05

Standard & Poors, November 2005

Abstract
LONDON (Standard & Poor's) Nov. 22, 2005Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the U.S. dollar TBD (equivalent) floating-rate notes series 05-A and 05-B to be issued by Arran Funding Ltd., an SPE (see list below). The collateral in this transaction consists of U.K. Visa and MasterCard receivables originated by The Royal Bank of Scotland PLC and National Westminster Bank PLC. "This will be RBS's third public securitization of U.K.-originated credit card receivables; its last securitization was in 2000," said Nikki Patel, a credit analyst in the Structured Finance group. Ms. Patel continued: "This issuance will differ from previous ones because it will take place through a newly created MTN program, and...

Companies mentioned in this report are:
- Arran Funding Ltd.
- National Westminster Bank PLC
- The Royal Bank of Scotland PLC

Action: Preliminary Rating

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Arran Funding Ltd.
- National Westminster Bank PLC
- The Royal Bank of Scotland PLC

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