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Announcement:

Moody's comments on rating impact of recent news surrounding Peverel Group in relation to Fairhold Securitisation Limited

08 Apr 2011

London, 08 April 2011 -- Moody's has today commented on the impact of recent news surrounding the joint administration of certain entities within the Peverel Group, as it relates to Fairhold Securitisation Limited.

RATING RATIONALE

Moody's Investors Service was informed of the appointment of joint administrators to several holding companies within the Peverel Group (the "Group") as of 14 March 2011. The Peverel Group of companies is a provider of property management and ancillary services to the private retirement housing sector in the UK. Within the Group is Peverel Management Services Limited ("Peverel") which is responsible for servicing the portfolio of receivables arising from freehold and long leasehold interests, securing the loans securitised in Fairhold Securitisation Limited ("Fairhold" or the "Issuer").

In a public statement on 23 March 2011 by the joint administrators Zolfo Cooper, it was indicated that the operating companies within the Group, which includes Peverel, will be unaffected by the administrations. In light of this news, Moody's has evaluated the potential credit impact to Fairhold.

TRANSACTION OVERVIEW

Fairhold Securitisation Limited represents a securitisation of a single loan granted by the Issuer to Fairhold Finance Limited (the "Borrower"). The loan's repayment relies on receipts of amounts received by the Borrower from intercompany loans between the Borrower and property owning subsidiaries of the Borrower (the "Property Owners"). Each Property Owner owns rights to segregated pools of freehold and long leasehold reversionary interests to, in aggregate, 406 sheltered housing developments (each a "Property") in the UK, together referred to as the "Portfolio". The main sources of funds for repayment of the Fairhold bonds are the rights to receive the ground rents arising from the Portfolio.

Peverel, on behalf of each Property Owner, currently collects amounts, including ground rents and transfer fees, as well as other ancillary income, on behalf of each Property Owner for all the Properties. Peverel uses its best endeavours to transfer all such amounts received into its general collection accounts into accounts held in the name of each Property Owner within specific timeframes, being no more than a week in relation to ground rents.

At closing, Peverel also acted as the managing agent for each Property pursuant to property management agreements entered into on the date that development of each Property had been completed. The Borrower and the Property Owners have covenanted to procure that at all times a managing agent is appointed to manage the Properties on the Property Owners' behalf. In Fairhold, FIL Management Services Limited (the "Consultant") was appointed by the Issuer, the Borrower, and the Property Owners to facilitate continuity of management services for each Property.

Upon expiry of each Property Management Agreement, the Consultant will attempt to renew the existing management agreements. If renewal is not possible, or if the Property Management Agreement has otherwise been terminated, it appoints a replacement managing agent in relation to the affected Property on behalf of each Property Owner. Peverel is currently acting as property manager for all but 6.5% of the Property units. FIL Management Services Limited is a private company incorporated in England and Wales and owned by Moormead Property Holdings Limited, a Cayman entity, and is not subject to the administration.

The Issuer benefits from a liquidity facility provided by HBOS Treasury Services Plc, which is available to bridge temporary shortfalls of interest receivables from the Borrower, senior Issuer expenses, expense advances by the Issuer to the Borrower for Borrower senior expenses, and/or Property Owner senior expenses. The liquidity facility amortises down in line with the outstanding principal balance of the two classes of Notes issued by Fairhold. The cash manager (who will be involved in making liquidity drawings) would not require any calculations from Peverel in order to draw on the liquidity facility.

As of the date of this press release, the joint administrator's statement indicates that Peverel will remain operational until such a time as a buyer can be found for it. Therefore, there is no immediate impact on Moody's ratings of Fairhold as a consequence of the current joint administration. However, subsequent developments with respect to this transaction and to the administration will be closely monitored in order to determine the potential rating impact, if any.

RATING METHODOLOGY

The principal methodologies used in rating and monitoring this transaction are "Update on Moody's Real Estate Analysis for CMBS Transaction in EMEA" June 2005.

The updated assessment is a result of Moody's ongoing surveillance of commercial mortgage backed securities (CMBS) transactions. Moody's prior review is summarised in a Press Release dated 8 December 2010. The last Performance Overview for this transaction was published on 19 January 2011.

For updated monitoring information, please contact monitor.cmbs@moodys.com. To obtain a copy of Moody's Pre Sale 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
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JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's comments on rating impact of recent news surrounding Peverel Group in relation to Fairhold Securitisation Limited
No Related Data.
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