Fitch Withdraws Short-Term Ratings on Granite Master Issuer

LONDON--(BUSINESS WIRE)-- Fitch Ratings has withdrawn short-term ratings on Granite Master Issuer as follow:

Granite Master Issuer plc - Series 2006-1

Class A1 (US38741YBG35): Short-term rating withdrawn at 'F1sf'

Granite Master Issuer plc - Series 2006-3

Class A4 (US38741YCA55): Short-term rating withdrawn at 'F1sf'

Granite Master Issuer plc - Series 2007-2

Class 4A1 (US38741YDT38): Short-term rating withdrawn at 'F1sf'

KEY RATING DRIVERS

These note tranches were structured to be issued on an annual, revolving basis. Indeed, unless noteholders exercised their right to retain the notes, they would be automatically tendered for remarketing. The remarketing bank would then first try to sell the notes in the open market or, if unsuccessful, would require the conditional purchaser to acquire them.

However, the conditional purchaser agreements for the Granite issuances have been terminated.

As a result, these tranches are effectively no longer revolving, but rather are long-term obligations of the issuers. Therefore Fitch has decided to withdraw the short-term ratings as they are no longer considered by Fitch to be relevant for these securities, while the long-term ratings are unaffected.

RATING SENSITIVITIES

The short-term ratings are being withdrawn.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. There were no findings that were material to this analysis. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

Fitch did not undertake a review of the information provided about the underlying asset pool ahead of the transaction's initial closing. The subsequent performance of the transaction over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION

The information below was used in the analysis.

- Transaction reporting provided by UKAR Asset Resolution Limited as at February 2015.

MODELS

No models were used in this analysis.

Additional information is available at www.fitchratings.com.

Applicable Criteria

EMEA Residential Mortgage Loss Criteria (pub. 31 Mar 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864266

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744175

Criteria Addendum: UK - Residential Mortgage Loss and Cash Flow Assumptions (pub. 30 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748367

Criteria for Sovereign Risk in Developed Markets for Structured Finance and Covered Bonds (pub. 20 Feb 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862115

EMEA RMBS Cash Flow Analysis Criteria (pub. 31 Mar 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864265

EMEA RMBS Master Rating Criteria (pub. 31 Mar 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864273

Global Criteria for Lenders' Mortgage Insurance in RMBS (pub. 23 Jun 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749070

Global Structured Finance Rating Criteria (pub. 31 Mar 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=985753

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150602006781/en/

Fitch Ratings
Lead Surveillance Analyst
Victor Chaine
Analyst
+44 20 3530 1583
Fitch Ratings Limited
30 North Colonnade
London E14 5GN
or
Committee Chairperson
Andrew Currie
Managing Director
+44 20 3530 1447
or
Media Relations:
Athos Larkou, +44 203 530 1549, London
[email protected]

Source: Fitch Ratings

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