OVERVIEW We have assigned preliminary ratings to Fosse Master Issuer'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. LONDON (Standard&Poor's) May 30, 2014--Standard&Poor's Ratings Services today assigned preliminary credit ratings to Fosse Master Issuer PLC's mortgage-backed series 2014-1 (see list below). As part of the 2014-1 issuance, the general reserve fund will reduce in notional terms to £320 million from £667 million. This expected reduction, as well as the issuance of new notes, will decrease the reserve fund in percentage terms to 2.72% from 6.20%. At closing, the overall credit enhancement will be 24.88% for all of the class
