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Rating Action:

MOODY'S ASSIGNS DEFINITIVE RATINGS TO GRANITE MASTER ISSUER PLC SERIES 2005-2 NOTES

25 May 2005
MOODY'S ASSIGNS DEFINITIVE RATINGS TO GRANITE MASTER ISSUER PLC SERIES 2005-2 NOTES

Approximately GBP 4.0 Billion of Debt Securities Affected

Frankfurt, May 25, 2005 -- Moody's Investors Service has assigned definitive long term credit ratings to the following classes of Notes issued by Granite Master Issuer plc:

- Aaa to the USD 975,000,000 Series 2005-2 Class A1 Notes due June 2030;

- Aaa to the GBP 200,000,000 Series 2005-2 Class A2 Notes due June 2030;

- Aaa to the EUR 660,000,000 Series 2005-2 Class A3 Notes due June 2030;

- Aaa to the USD 800,000,000 Series 2005-2 Class A4 Notes due December 2054;

- Aaa to the EUR 800,000,000 Series 2005-2 Class A5 Notes due December 2054;

- Aaa to the USD 1,250,000,000 Series 2005-2 Class A6 Notes due December 2054;

- Aaa to the GBP 530,200,000 Series 2005-2 Class A7 Notes due December 2054;

- Aaa to the GBP 250,000,000 Series 2005-2 Class A8 Notes due December 2054;

- Aa3 to the USD 90,000,000 Series 2005-2 Class B1 Notes due December 2054;

- Aa3 to the EUR 62,000,000 Series 2005-2 Class B2 Notes due December 2054;

- Aa3 to the GBP 35,100,000 Series 2005-2 Class B3 Notes due December 2054;

- A2 to the USD 95,000,000 Series 2005-2 Class M1 Notes due December 2054;

- A2 to the EUR 70,000,000 Series 2005-2 Class M2 Notes due December 2054;

- A2 to the GBP 28,100,000 Series 2005-2 Class M3 Notes due December 2054;

- Baa2 to the USD 90,000,000 Series 2005-2 Class C1 Notes due December 2054;

- Baa2 to the EUR 131,700,000 Series 2005-2 Class C2 Notes due December 2054.

Moody's also affirms the existing ratings of Granite Mortgages 01-1 plc, Granite Mortgages 01-2 plc, Granite Mortgages 02-1 plc, Granite Mortgages 02-2 plc, Granite Mortgages 03-1 plc, Granite Mortgages 03-2 plc, Granite Mortgages 03-3 plc, Granite Mortgages 04-1 plc, Granite Mortgages 04-2 plc, Granite Mortgages 04-3 plc and series 2005-1 of Granite Master Issuer plc.

Moody's previously assigned provisional ratings on 6th May 2005 to the Granite Master Issuer plc Series 2005-2 Notes. The final capital structure has an updated split by currency, but subordination levels remained unchanged.

The Notes are backed by a pool of prime UK residential mortgages originated by Northern Rock plc ("Northern Rock"), rated A1/Prime-1. This is the fifteenth issue by Northern Rock via the Granite programme, and the twelfth issuance from the Granite Finance Master Trust structure. At the same time, it is the second issuance from Granite Master Issuer plc after the restructuring of the Granite Master Trust structure and the implementation of Funding 2 and the de-linked issuance structure. The reserve fund available under the Granite Master Issuer is 1.65 per cent of the Notes issued under the delinked programme.

The collateral pool consists of loans originally securitised in Granite 01-1 plc, Granite 01-2 plc, Granite 02-1 plc, Granite 02-2 plc, Granite 03-1 plc, Granite 03-2 plc, Granite 03-3 plc, Granite 04-1 plc, Granite 04-2 plc, Granite 04-3 plc and series 2005-1 of Granite Master Issuer plc with GBP 7.6 billion of additional collateral. The pool remains of high credit quality: none of the additional loans have been more than 1 month in arrears in the past 12 months, the weighted average LTV of the whole pool is 75.0 per cent, the average seasoning of loans in the whole pool is c. 24.1 months.

Compared with Granite Master Trust transactions from 2004 and earlier, Granite Master Issuer allows for more flexibility in terms of loan additions and notes issuance. In order to allow for this, (i) Moody's Portfolio Variation Test has been implemented, aiming to monitor the credit quality of the portfolio during substitution and (ii) the Granite Master Issuer benefits from required subordination levels which have to be complied with when new notes are issued or subordinated notes are redeemed. As regards portfolio quality, Moody's continues to give only limited benefit to house price increases. However, Moody's does not consider the migration from the traditional Granite Master Trust structure to the new de-linked structure to be completed until all existing Funding issuers have been paid back or until they are supported enough due to, for example, amortisation in order to eliminate the incorporated cushion of limited house price benefit. This may change when the existing Funding issuers have been redeemed or de-leveraged enough.

Moody's ratings of each of the Notes address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

For a copy of Moody's Pre Sale Report and Master Trust Report regarding this transaction, please contact Moody's London Client Service Desk at +44-(0)20 7772 5454 or access Moody's website www.moodys.com.

Paris
Annick Poulain
Managing Director
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Frankfurt
Christian Aufsatz
Analyst
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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