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Announcement:

Moody's affirms ratings of UK housing association loan securitisation Eden Funding No.1 PLC

13 Apr 2011

GBP 2068.5 million of EMEA CMBS affirmed

London, 13 April 2011 -- Moody's Investors Service has today affirmed the outstanding ratings of the following classes of Notes issued by Eden Funding No.1 PLC (amounts reflect the maximum balance for the Class AVFN Notes and the initial balance for the other classes of Notes):

GBP 501,863,405 Class AVFN Notes, affirmed at Aaa (sf); previously on 30 January 2009 assigned Aaa (sf)

GBP 380,000,000 Class A1 Notes, affirmed at Aaa (sf); previously on 30 January 2009 assigned Aaa (sf)

GBP 380,000,000 Class A2 Notes, affirmed at Aaa (sf); previously on 30 January 2009 assigned Aaa (sf)

GBP 380,000,000 Class A3 Notes, affirmed at Aaa (sf); previously on 30 January 2009 assigned Aaa (sf)

GBP 380,000,000 Class A4 Notes, affirmed at Aaa (sf); previously on 30 January 2009 assigned Aaa (sf)

GBP 377,400,000 Class A5 Notes, affirmed at Aaa (sf); previously on 30 January 2009 assigned Aaa (sf)

Moody's does not rate the GBP 910,100,000 Class Z Notes. The Class AVFN, Class A1, Class A2, Class A3, Class A4 and Class A5 Notes are herein referred to as the "Notes".

RATINGS RATIONALE

This transaction represents a securitisation of currently 152 tranches of corporate loans secured by social housing property portfolios and advanced to 116 registered social landlords located across England and Wales. The average drawn loan amount is GBP 19.6 million and the average committed loan amount is GBP 21.4 million as at October 2010.

The key parameters in Moody's analysis for this transaction are the default probability of the securitised loans (both during their term and at maturity) as well as Moody's value assessment for the properties securing these loans. With those parameters an average expected loss was derived for the pool of loans.

The default probability for each borrower in the pool was derived using several sources of information, including, inter alia, Moody's publicly monitored ratings, credit estimates and/or financial information relating to each obligor. Each of the loans is subject to performance tests, in the form of asset cover and/or income cover ratios. The level at which those tests have been set, have enabled Moody's to make assumptions about expected minimum cashflows and property values, allowing Moody's to derive recovery rates for each of the loans.

Moody's outlook for the UK social housing sector is also incorporated into the ratings of the Notes. 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 as there may be offsetting factors at the time to an improvement or decline in transaction performance.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

RATING METHODOLOGY

The principal methodology used in rating and monitoring the ratings of the Notes 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. The last Performance Overview for this transaction was published on 5 January 2011.

For updated monitoring information, please contact monitor.cmbs@moodys.com. To obtain a copy of Moody's New Issue Report on this transaction, please visit Moody's website at www.moodys.com or contact our Client Service Desk in London (+44-20-7772 5454).

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 UK housing association loan securitisation Eden Funding No.1 PLC
No Related Data.
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