Standard&Poor's Ratings Services has assigned credit ratings to Fosse Master Issuer PLC's £3.5 billion class-A mortgage-backed notes series 2010-3. In addition to the rated notes, Fosse Master Issuer simultaneously issued £500 million of subordinated unrated notes (the class Z notes). A pool of first-ranking mortgages secured over properties in England, Scotland, Wales, and Northern Ireland collateralizes the notes. Alliance&Leicester PLC originated all of the loans in the master trust prior to the occurrence of a Part VII bank transfer, whereby Santander UK PLC assumed the assets and liabilities of Alliance&Leicester. However, the Fosse master trust has a revolving structure and it is likely that Santander UK-originated loans may be added to the pool in
