Santander U.K. is planning a new securitization backed by a pool of prime residential mortgages out of the bank's Fosse Master Trust structure.
Moody's Investors Service has rated the structure and assigned an 'Aaa' rating to the yet unsized, Class A2, A3 and A4 floating-rate notes.
The rating agency also assigned a provisional 'Aaa' rating to the Class A5, fixed-rate notes. This represents the ninth issue out of the Fosse Master Trust structure.
U.K. mortgages have dominated the securitization landscape in 2011, accounting for around 40% of all primary volumes, according to figures reported by the Royal Bank of Scotland.
Total issuance is poised to exceed €70 billion ($93.3 billion) this year, the bank reported.