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Announcement:

Moody's updates on the Permanent UK RMBS Master Trust

10 Sep 2009

Purchase of a portion of the funding 1 share by the seller is rating neutral

London, 10 September 2009 -- Moody's Investors Service has been requested to assess the impact on the ratings of the Notes issued out of the Permanent Master Trust following a purchase by the seller of a portion of the funding 1 share of the trust property. In Moody's opinion this purchase of the trust property does not impact, in and of itself, the current ratings assigned to any of the Notes.

The following Notes are scheduled to pay down part of their outstanding principal balance on 10th September 2009. However due to prevailing CPR levels the trust did not accumulate sufficient principal to make the payments on this date. Therefore the seller has chosen to purchase approximately GBP 119 million of the funding 1 share of the trust property in order to make up for the shortfall and enable the Notes to amortise as scheduled.

... Permanent Financing (No. 4) PLC Series 4 Class A - Scheduled to amortise by EUR 750 million

... Permanent Financing (No. 5) PLC Series 4 Class A - Scheduled to amortise by EUR 500 million

... Permanent Financing (No. 7) PLC Series 3 Class A - Scheduled to amortise by EUR 425 million

In Moody's opinion the purchase by the seller of a portion of the funding 1 share is, in this instance, rating neutral since (i) No triggers are breached as a result of the notes not following their scheduled amortisation at this date. The step-up dates for these notes are March 2011, June 2011 and December 2011 respectively. It is a failure to pay down the notes by this later date which would cause a stop substitution trigger; (ii) The legal final maturity dates for the above notes are in March 2034, June 2042 and September 2032 respectively. Moody's ratings assess the timely payment of interest and ultimate payment of principal at par on or before the final legal maturity date; (iii) The weighted average note margin in funding 1 is only negligibly impacted by the purchase; and (iv) Although the purchase results in a small increase in the seller share of the trust property, currently 27%, there is already little prospect of a breach in the required minimum seller share, currently 7.59%, in the near term.

The majority of the Notes issued out of the Permanent Master Trust have long legal final maturity dates after their schduled amortisation date(s). For reference there are five 'bullet' Notes with relatively short legal final maturity dates, the earliest being Permanent Master Issuer PLC Series 2008-2 Class 1A due April 2014, it is scheduled to fully amortise in January 2012.

Today's update relates to the purchase by the seller of a portion of the funding 1 share only and should not be taken to imply that Moody's will not take a rating action in respect of the securities by virtue of any other events or circumstances that may be occurring now or that occur in the future. The last rating action on any notes issued out of the Permanent Master Trust was in May 2008, when initial ratings were assigned to the Series 2008-2 Notes.

The principal methodologies used in rating and monitoring the transaction are "Moody's Updated Methodology for Rating UK RMBS" published in November 2007 and "Cash Flow Analysis in EMEA RMBS" published in January 2006, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies directory.

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.

London
Kruti Muni
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Anthony Parry
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's updates on the Permanent UK RMBS Master Trust
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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