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Announcement:

Moody's Determines No Negative Rating Impact Due to Amendments on Swaps on various UK RMBS

22 Nov 2011

London, 22 November 2011 -- Moody's Investors Service states today that the execution of deeds of undertaking (the "Deeds") by The Royal Bank of Scotland plc ("RBS") relating to swap agreements between the issuers listed below and RBS will not, in and of itself and at this time, result in a reduction or withdrawal of the current ratings of the notes issued by the following Issuers:

Marble Arch Residential Securitisation No. 3 Limited

Money Partners Securities 2 plc

Money Partners Securities 3 plc

Money Partners Securities 4 plc

Residential Mortgage Securities 19 plc

On 7 October 2011, Moody's downgraded the long term senior unsecured rating of RBS to A2 from Aa3. This resulted in a "ratings event" under the swap agreements for these transactions. The swaps contemplate several alternative remedial actions which RBS may take following such a ratings event. The remedial actions are (a) transferring the swaps to a third party, (b) obtaining a guarantee, (c) posting collateral pursuant to their existing credit support annexes and (d) taking some other action which Moody's has confirmed will not negatively affect the ratings of the Notes. RBS proposes to take remedial action under (d) by executing the Deeds.

Pursuant to the Deeds, RBS will undertake in favour of the issuers to take one of the above actions if its long term senior unsecured rating ceases to be at least A2 or its short term unsecured rating ceases to be Prime-1. This trigger level is consistent with Moody's current criteria for swap de-linkage. If RBS fails to take such action within thirty business days of it ceasing to be rated A2/Prime-1, an Additional Termination Event shall be deemed to have occurred under the relevant swaps.

Moody's opinion addresses only the current impact on Moody's ratings, and we do not express an opinion as to whether the Deeds have or could have any other effects that investors may or may not view positively.

The principal methodology used in these ratings was Moody's Approach to Rating RMBS in Europe, Middle East, and Africa published in October 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Other factors used in these ratings are described in Framework for De-Linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions published in October 2010.

Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. Moody's ratings address only the credit risks associated with the transaction. Other risks have not been addressed, but may have a significant effect on yield to investors.

Lyudmila Udot
Analyst
Structured Finance Group
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

Sophia Velissaratou
Associate Analyst
Structured Finance Group
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

Michelangelo Margaria
VP - Senior Credit Officer
Structured Finance Group
Telephone:+39-02-9148-1100

Releasing Office:
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 Determines No Negative Rating Impact Due to Amendments on Swaps on various UK RMBS
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