Standard&Poor's Ratings Services has assigned credit ratings to Fosse Master Issuer PLC's mortgage-backed notes series 2011-1. 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. A pool of first-ranking mortgages secured over properties in England, Scotland, Wales, and Northern Ireland collateralizes the notes. Alliance&Leicester PLC (whose assets and liabilities Santander UK PLC assumed in May 2010) historically originated all of the loans in the trust. Subsequently, credit policy and risk management at Alliance&Leicester were aligned with those of Santander UK, to the extent possible given the system
