Reuters: Financial Services and Real Estate: TEXT-Fitch:No rating impact on Fosse Master Issuer Plc from documentation changes

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TEXT-Fitch:No rating impact on Fosse Master Issuer Plc from documentation changes Apr 30th 2012, 08:23 Mon Apr 30, 2012 4:23am EDT Apr 30 - Fitch Ratings says that it does not expect to take any rating actions on Fosse Master Issuer Plc's (Fosse) notes following receipt of notification of amendments to transaction documentation and the sale of additional mortgage loans into the trust. The documentation amendments include, amongst others: -- Changes to the servicing agreement to allow the seller to invoke an irrevocable instruction to the servicer to set a standard variable rate that is Libor-linked upon the perfection of the legal title of the mortgage loans into the trust. -- Removal of the collateral posting requirement under the standard variable rate swap agreement. -- Splitting the interest rate swap into several individual swaps. -- Amendments to the credit support annex to incorporate proposed changes to Fitch's counterparty criteria (see 'Exposure Draft: Counterparty Criteria for Structured Finance Transactions' dated 12 March 2012 at www.fitchratings.com). -- Changes to the downgrade triggers for the collection account. Fitch has reviewed the drafts of the revised documentation to assess their effects on the ratings of the existing notes that have been issued under Fosse. In addition, a review of the draft legal opinions has been concluded. Although Fitch does not expect to take rating action on the outstanding notes as a result of the amendments to the transaction documentation, a number of the amendments reflect proposed, but as yet unadopted changes to Fitch's counterparty criteria. Fitch cannot preclude rating action if any of these proposals are not adopted in its final criteria. In addition, a further GBP3.5bn of mortgage loans have been sold into the trust. Fitch has performed an analysis of the assets and projected cash flows associated with the programme's capital structure and does not expect to take any rating action on the outstanding notes as a result of the addition of the further collateral. Link this Share this Digg this Email Reprints

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