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Announcement:

Moody's Affirms Ratings of Eleven UK Housing Association Transactions

01 Apr 2011

London, 01 April 2011 --

Moody's Investors Service today affirmed the outstanding ratings of eleven secured bond transactions backed by loans to one or several UK registered social landlords and/or secured on rents arising from UK social housing portfolios (amounts reflect initial bond outstandings, as increased by tap issuances or as reduced by note cancellations):

- The GBP 276.3 million 5.28% Secured Bonds due 2044 issued by Harbour Funding PLC, affirmed at Aa3

- The GBP 100.5 million 7% Secured Bonds due 2032 issued by Haven Funding (32) PLC, affirmed at Aa3

- The GBP 273.3 million 8.125% Secured Bonds due 2037 issued by Haven Funding PLC, affirmed at Aa3

- The GBP 100.0 million 6.625% Secured Bonds due 2038 issued by Places for People Homes Limited, affirmed at Aa1

- The GBP 380.0 million 5.09% Secured Bonds due 2043 issued by Places for People Homes Limited, affirmed at Aa2

- The GBP 130.0 million Guaranteed Stepped Coupon Bonds due 2018 to 2033 issued by Quadrant Housing Finance Limited, affirmed at Aa1

- The GBP 343.0 million 6.63% Secured Loan Backed Bonds due 2038 issued by RSL Finance (No.1) PLC, affirmed at Aa3

- The GBP 110.0 million 8.375% First Mortgage Debenture Stock due 2031 issued by Sanctuary Housing Association, affirmed at Aa1

- The GBP 212.8 million 6.38% Secured Bonds due 2042 issued by Sunderland (SHG) Finance plc, affirmed at Aa3

- The GBP 100.0 million 7.5% First Mortgage Debenture Stock due 2037 issued by The Guinness Trust (London Fund) Founded 1890, Registered 1902, affirmed at Aa2

- The GBP 36.1 million 9.1% per cent Bonds due 2025 issued by UK Rents (No.1) PLC, affirmed at Aaa (sf)

RATINGS RATIONALE

The primary factors in Moody's analysis for the eleven affirmations above were as follows: (1) an evaluation of each transaction's particular structural strengths and weaknesses; (2) an updated default probability assigned to each registered social landlord ("RSL") obligor and (3) an assessment of Moody's value for the property portfolio securing each of the loan(s) or the debt.

For each of the above referenced transactions, minimum performance tests at loan or bond level have been established at closing, which typically reference collection rates or absolute net rental cashflows arising from the underlying property portfolios. The positioning of those levels, as well as the consequences upon a breach of the tests has enabled Moody's to compare the relative strengths and weaknesses of each transaction's structure, and to model the expected minimum net rental cashflows from each property portfolio.

The default probability for each obligor was either available via a Moody's publicly monitored rating, or a credit estimate was derived. Credit estimates use as a basis, amongst other sources of information, at least three years of each obligor's most recent available annual financial statements. Moody's followed the guidance in the October 2009 report "Updated Approach to the Usage of Credit Estimates in Rated Transactions" which is available on www.moodys.com for the analysis of the transactions.

Moody's property value was assessed by a review of the latest property condition report for each portfolio, information available at closing about the properties, and also, for benchmarking purposes, publicly available information such as that which is available on the Tenants' Services Authority website.

Moody's outlook for the UK social housing sector is also incorporated into the ratings of the above referenced transactions. To the extent that outlook changes, there could be future rating sensitivity. Please see Moody's report "UK Housing Benefit Reforms: Credit-Negative Impact, but Rating Outlooks on UK Housing Associations Remain Stable" published on 21 March 2010. More commentary and information about the UK social housing sector can be found at www.moodys.com by selecting the "Research and Ratings" drop-down menu and selecting "Sub-Sovereign".

Moody's analysis reflects a forward-looking view of the likely range of transaction performance over a medium term horizon. From time to time, Moody's may, if warranted, change its views. For example, performance that falls outside pre-determined ranges could indicate that a transaction's credit quality is stronger or weaker than Moody's had anticipated during its last review. Even so, deviation from such expected ranges will not necessarily result in a rating action. There may be mitigating or offsetting factors to an improvement or decline in transaction performance.

RATING METHODOLOGY

The principal methodology used in rating and monitoring these transactions was "Update on Moody's Real Estate Analysis for CMBS Transaction in EMEA" dated June 2005.

The affirmation today is a result of Moody's on-going surveillance of commercial mortgage backed securities ("CMBS") transactions.

Please see the "Ratings" tab on the issuer / entity page on www.moodys.com for the last rating action and the ratings history in relation to each of the referenced transactions.

For updated monitoring information in relation to any of the above transactions, please email monitor.cmbs@moodys.com. Further information can also be found at www.moodys.com or by contacting the Client Service Desk in London (+44-20-7772 5454).

The lead analyst and rating office for each of the transactions referenced are generally different from the contact and office listed at the end of this press release. For each transaction, the lead analyst's name is available on the issuer page and the rating office is available on the ratings tab of the issuer on www.moodys.com.

London
Lisa Macedo
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Christophe de Noaillat
Senior Vice President
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Affirms Ratings of Eleven UK Housing Association Transactions
No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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