The marked decline in the U.K. residential mortgage prepayment rate over the past 18 months is unlikely to negatively impact the ratings of the RMBS issued from the 12 U.K. prime master trust programs rated by Fitch Ratings.

"Fitch's ratings address the repayment of principal in full by the legal final maturity and as such are unlikely to be affected by a slowdown in the prepayment rate given that the majority of bonds have long-dated legal finals," said Francesca Zwolinsky, director in Fitch's U.K. RMBS team.

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