Standard&Poor's Ratings Services has assigned credit ratings to Fosse Master Issuer PLC's £675 million class A1 and €700 million class A2 mortgage-backed notes series 2010-4. Unlike in the 2010-1, 2010-2, and 2010-3 series, Fosse Master Issuer did not issue class Z notes in the series 2010-4 transaction. Instead, an increase in the reserve fund provides credit enhancement. The Fosse master trust did not purchase additional collateral in connection with this transaction. Rather, Funding 1 purchased an additional share in the trust. 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
