New Issue: Holmes Master Issuer PLC Sep 11
Standard & Poors, September 2011
Abstract
Standard & Poor's Ratings Services has assigned its credit ratings to Holmes Master Issuer PLC's ("Holmes") $3,250 million, -200 million, and -165 million mortgage-backed notes series 2011-3. Santander UK PLC sponsors three U.K. residential mortgage master trusts (Holmes, Fosse, and Langton). In October 2010, Santander UK redistributed its interests across the Langton and Holmes trusts. This is the fourth issuance from the Holmes master trust since the restructure (series 2010-1 closed in November 2010). The series 2011-3 issuance comprises $3,250 million, -200 million, and -165 million of solely class A notes. Credit enhancement to these notes and previous Holmes issuances still outstanding is provided by a combination of the reserve fund and previously issued class Z notes. A pool of...
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
Holmes Master Issuer PLC
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