Standard&Poor's Ratings Services has assigned its credit ratings to Fosse Master Issuer PLC's floating-rate mortgage-backed notes series 2012-1. In addition, Fosse Master Issuer has issued subordinated unrated class Z notes at closing. The general reserve fund decreased in percentage terms to 3.56% from 3.61% prior to the 2012-1 issuance. Overall credit enhancement is 19.28% for the class A notes, as further class Z notes have been issued. At closing, Fosse also 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
