Standard&Poor's Ratings Services has assigned credit ratings to Fosse Master Issuer PLC's £1.47 billion (equivalent) class-A mortgage-backed notes series 2010-2. In addition to the rated notes, Fosse Master Issuer simultaneously issued £251 million of subordinated unrated notes (the class Z notes). Since we assigned preliminary ratings to this transaction on May 10, 2010, the arranger has not made any material structural changes to this transaction. It should, however, be noted that the envisaged bank transfer of Alliance&Leicester to Santander UK PLC has occurred. As a result, Santander UK has assumed the roles previously held by Alliance&Leicester in this and previous Fosse Master Issuer transactions. A pool of first-ranking mortgages secured over properties in England,
