Moody's upgrades notes in Aire Valley Master Trust

London, 17 June 2015 -- Moody's Investors Service has today upgraded the ratings of 24 notes issued from the Aire Valley UK residential mortgage-backed securities (RMBS) master trusts. These upgrades were primarily driven by the assignment of counterparty risk assessments (CR Assessments) to various FX swap counterparties in the trusts (the Swap Counterparties). This also reflects the higher than initially anticipated Senior Unsecured Rating of The Royal Bank of Scotland (RBS) combined with our assessment of the effectiveness of certain rating triggers to mitigate the exposure to RBS as FX swap counterparty. This action concludes the review initiated on March 20, 2015 due to the updates to Moody's structured finance rating methodologies to incorporate the new CR Assessment for banks.

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