Preliminary Ratings Assigned In Barclays Bank's Latest U.K. RMBS Transaction Dec 05

Standard & Poors, December 2005

Abstract
LONDON (Standard & Poor's) Dec. 7, 2005Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the £4.5 billion (equivalent) mortgage-backed floating-rate notes to be issued by Gracechurch Mortgage Funding PLC, an SPE (see list below). The collateral is a pool of mortgage loans that are secured by first-ranking mortgages over residential properties located in the U.K. The mortgages were originated by Barclays Bank PLC (Barclays), one of the prime lenders in the U.K. "Barclays takes deposits and originates mortgages, so there is the risk that the borrowers could set-off their mortgage payments against their deposits if the bank becomes insolvent," said Ioanna-Victoria Kyritsi, a credit analyst in the Structured Finance group. "To mitigate the...

Companies mentioned in this report are:
- Gracechurch Mortgage Funding PLC
- Barclays Bank 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.

- Gracechurch Mortgage Funding PLC
- Barclays Bank PLC

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