Standard&Poor's Ratings Services has assigned credit ratings to the class A1, A2, and A3 mortgage-backed notes in Fosse Master Issuer PLC's series 2015-1. Series 2015-1 is the 12th issuance from the Fosse master trust. A pool of first-ranking mortgages secured on U.K. properties collateralizes the notes. Following our credit and cash flow analysis, we consider the available credit enhancement for the class A1, A2, and A3 notes to be commensurate with a 'AAA' rating level. As part of the 2015-1 issuance, the general reserve fund reduced in notional terms to £180 million from £324 million with a further reduction to £100 million when the class 2005-1 A1 notes redeemed. The class 2010-1 Z and 2010-3 Z notes have
