Presale: Fosse Master Issuer PLC (Series 2012-1) May 12
- ID: 2127511
- May 2012
- Standard & Poors
Standard & Poor's Ratings Services has assigned preliminary credit ratings to Fosse Master Issuer PLC's mortgage-backed notes series 2012-1. In addition, Fosse Master Issuer will issue subordinated unrated class Z notes. The general reserve fund will decrease in percentage terms to 3.48% from 3.61% prior to the 2012-1 issuance. Overall credit enhancement will be 19.10% for the class A notes, as further class Z notes will be issued. 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...
Companies mentioned in this report are:
- Santander UK PLC
- Fosse Master Issuer PLC
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Research Type: Full Analysis