LONDON (Standard&Poor's) Oct. 25, 2006—Standard&Poor's Ratings Services said today that it assigned its preliminary credit ratings to the £2.5031 billion (equivalent) mortgage-backed floating-rate notes series 2006-1 to be issued by Fosse Master Issuer PLC, an SPE (see list below). This is the first listed issuance out of Alliance&Leicester PLC's mortgages trust, and is backed by a pool of first-ranking mortgages secured over properties in England, Northern Ireland, Scotland, and Wales. Fosse Master Issuer was established to issue the notes and to make term advances from the proceeds of the notes to Funding 1 under the intercompany loan agreement. It may issue further notes and make further term advances to Funding 1 in future. Funding
