Lloyds TSB's deal has £3 billion ($4.9 billion) of Class A notes backed by senior secured loans to registered U.K. social landlords (RSL). The deal, dubbed Chepstow Blue Plc, has been assigned a ‘AAA' by Fitch Ratings.

The loans in the portfolio are senior secured debt obligations of U.K. RSLs, which are housing associations registered with the government regulatory body, the Tenant Services Authority (TSA). RSLs must abide by TSA regulations and receive public support in the form of housing benefit and grants.

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