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New Issue: Holmes Master Issuer PLC (Series 2012-2) Apr 12

  • ID: 2163579
  • April 2012
  • Standard & Poors
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  • Holmes Master Issuer PLC
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Standard & Poor's Ratings Services has assigned its credit ratings to Holmes Master Issuer PLC's ("Holmes") £960.2 million (equivalent) mortgage-backed notes series 2012-2. Santander UK PLC sponsors three U.K. residential mortgage master trusts (Holmes, Fosse, and Langton). In October 2010, Santander UK restructured its interests across the Langton and Holmes trusts. This is the sixth issuance from the Holmes master trust since the restructure (series 2010-1 closed in November 2010). The series 2012-2 issuance to comprises £960.2 million (equivalent) of class A notes and class Z notes. Credit enhancement to the class A notes and to previous Holmes issuances still outstanding is provided by a combination of the reserve fund and class Z notes. A pool of first-ranking mortgages secured...

Companies mentioned in this report are:
- Holmes Master Issuer PLC

Action: New 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: Full Analysis

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- Holmes Master Issuer PLC

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