LONDON (Standard&Poor's) July 9, 2007—Standard&Poor's Ratings Services said today that it assigned its preliminary credit ratings to the series 2007-1 mortgage-backed floating-rate notes to be issued by Fosse Master Issuer PLC, an SPE (see list below). The collateral comprises first-charge prime residential mortgages in the U.K., originated by Alliance&Leicester PLC (A+/Stable/A-1). This transaction will be the second issuance from this master trust structure and the third securitization of Alliance&Leicester's U.K. residential mortgages, following a £250 million transaction that closed in November 2000 and the £2.503 billion (equivalent) mortgage-backed floating-rate notes series 2006-1 which closed on Nov. 28, 2006. The master trust is structured so that the reserve and the principal deficiency ledgers
