OVERVIEW We have assigned ratings to Fosse Master Issuer's series 2011-2 notes. This is the ninth issuance from the Fosse master trust. A pool of first-ranking mortgages secured over U.K. properties collateralize the notes. These ratings are based on our criteria for rating U.K. RMBS. However, these criteria are under review. As a result of this review, our future U.K. RMBS criteria may differ from the current criteria. The criteria change may affect the ratings on all outstanding notes in this transaction. LONDON (Standard&Poor's) Dec. 6, 2011--Standard&Poor's Ratings Services today assigned its credit ratings to Fosse Master Issuer PLC's mortgage-backed notes series 2011-2 (see list below). In addition, Fosse Master Issuer issued subordinated unrated class Z
