OVERVIEW We have assigned preliminary ratings to Fosse Master Issuer's series 2012-1 notes. This will be the 10th 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 9, 2012--Standard&Poor's Ratings Services today assigned its preliminary credit ratings to Fosse Master Issuer PLC's mortgage-backed notes series 2012-1 (see list below). In addition, Fosse Master Issuer will issue subordinated unrated class Z notes. The general reserve fund will decrease in percentage terms to 3.48% from 3.61% prior to the 2012-1 issuance. Overall credit enhancement will be 19.10% for the class A notes and 17.81% for the class B notes, as further class Z notes will
