Halifax Bank of Scotland is in the market with a new deal from  its Permanent Master Trust program.

Moody's Investors Service assigned provisional credit ratings to five classes of notes from the transaction. The Class A1,A2 and A3 dollar denominated tranches due 2042 have been rated 'Aaa'. The sterling denominated Class A notes due 2042 have also been assigned a 'Aaa' rating.

The notes are backed by a pool of prime U.K. residential mortgages originated by Bank of Scotland, originated under the Halifax brand.

This deal will be the eighteenth issue out of the Permanent Master Trust structure, and the ninth using Permanent Master Issuer. At closing, the Trust Property for this deal is expected to be approximately £35.5 billion ($49.2 billion) of loans, according to Moody's.

The rating agency also noted that reserve fund will be funded to 1.8% of the combined total of the Funding 2 Rated Notes and Z Loan outstanding at closing and the total credit enhancement for the 'Aaa' rated notes will be 15.3%.

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