Standard&Poor's Ratings Services has assigned credit ratings to the class A1 and A2 mortgage-backed notes in Fosse Master Issuer PLC's series 2014-1. Series 2014-1 is the 11th issuance from the Fosse master trust. A pool of first-ranking mortgages secured on U.K. properties collateralizes the notes. As part of the 2014-1 issuance, the general reserve fund decreased in notional terms to £324 million from £667 million. This reduction, as well as the issuance of new notes, reduced the reserve fund in percentage terms to 2.76% from 6.20%. At closing, the overall credit enhancement was 24.90% for all of the class A notes, and 22.93% for Fosse Master Issuer's previously issued class B notes. Alliance&Leicester PLC (whose assets
