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TEXT-Fitch affirms Lannraig Master Issuer plc
September 26, 2012 / 4:36 PM / 5 years ago

TEXT-Fitch affirms Lannraig Master Issuer plc

Sept 26 () - Fitch Ratings has affirmed Lannraig Master Issuer plc - Series
2011-1's (Lannraig) class A notes as follows:

Class A (ISIN XS0684999682) affirmed at 'AAAsf'; Outlook Stable

Lannraig is a UK Master Trust transaction comprising prime buy-to-let loans
originated by Clydesdale Bank PLC ('A'/Stable). The underlying mortgages were
purchased by Lannraig through the issuance of senior Class A and subordinate
Class Z notes.

The affirmation reflects the transaction's stable asset performance over the
past year and the level of credit enhancement available to the class A notes,
which in Fitch's view remains commensurate with a 'AAAsf' rating.

As of August 2012, the class A notes had amortised to 94.8% of the original
balance, which has led to a steady build-up in credit enhancement to 21.7% from
20.8% at closing.

In addition, the volume of loans in arrears is low compared to the typical level
in UK prime RMBS. The percentage of loans in arrears by three months or more
currently stands at 0.02% of the outstanding principal balance whilst loans in
arrears between one and three months stand at 0.24%.

Additional information is available at The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

The source of information identified for this rating action was informed by
information from Clydesdale Bank plc and also from Investor Reports.

Applicable criteria, 'Global Structured Finance Rating Criteria', dated 6 June
2012, 'Counterparty Criteria for Structured Finance Transactions', dated 30 May
2012, 'EMEA Residential Mortgage Loss Criteria' dated 7 June 2012 and 'EMEA
Criteria Addendum - United Kingdom - Mortgage Loss and Cash Flow Assumptions',
dated 9 August 2012, are available at

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
Counterparty Criteria for Structured Finance Transactions
EMEA Residential Mortgage Loss Criteria
EMEA Criteria Addendum - United Kingdom - Mortgage and Cashflow Assumptions

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