OVERVIEW We have assigned ratings to Fosse Master Issuer's series 2011-1 notes. This is the eighth issuance from the Fosse master trust. A pool of first-ranking mortgages secured over U.K. properties collateralizes the notes. LONDON (Standard&Poor's) May 25, 2011--Standard&Poor's Ratings Services today assigned its credit ratings to Fosse Master Issuer PLC's mortgage-backed notes series 2011-1 (see list below). In addition, Fosse Master Issuer issued subordinated unrated class Z notes. The general reserve fund has not increased and provides further credit enhancement. On the closing date, Fosse purchased additional collateral in connection with this transaction. This transaction is the eighth issuance from the Fosse master trust. The previous issuance, 2010-4, did not see further collateral sold to
