OVERVIEW We have assigned preliminary ratings to Fosse Master Issuer's series 2011-1 notes. This will be the eighth issuance from the Fosse master trust. A pool of first-ranking mortgages secured over U.K. properties will collateralize the notes. LONDON (Standard&Poor's) May 11, 2011--Standard&Poor's Ratings Services today assigned its preliminary credit ratings to Fosse Master Issuer PLC's mortgage-backed notes series 2011-1 (see list below). In addition, Fosse Master Issuer will issue subordinated unrated class Z notes. The general reserve fund will not increase and will provide further credit enhancement. On the closing date, Fosse will purchase additional collateral in connection with this transaction. This transaction will be the eighth issuance from the Fosse master trust. The previous issuance,
