OVERVIEW Following the transfer of the series 2012-1 class 2A2 cross-currency swap to Wells Fargo Bank from Abbey National Treasury Service, we have affirmed our current ratings on all outstanding classes of notes in all series of Fosse Master Issuer. Fosse Master Issuer is a U.K. master trust backed by U.K. prime residential mortgages originated by Santander UK. LONDON (Standard&Poor's) July 24, 2012--Standard&Poor's Ratings Services today affirmed its credit ratings on all outstanding classes of notes in all series of Fosse Master Issuer PLC. For the full list of these rating actions, see "Ratings List For Fosse Master Issuer's U.K. RMBS Master Trust Following Swap Novation--July 24, 2012." Today's rating actions follow a cross currency swap
