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TEXT-Fitch: Brunel Residential Mortgage 1 rating unaffected by restructuring
January 22, 2013 / 4:02 PM / in 5 years

TEXT-Fitch: Brunel Residential Mortgage 1 rating unaffected by restructuring

Jan 22 - Fitch Ratings says there is no impact on Brunel Residential
Mortgage Securitisation No. 1 PLC's ratings following a restructuring.

The notes are backed by mortgage loans originated by Bank of Ireland
('BBB'/Stable/'F2'), formerly known as Bristol and West plc.

Based on information received by Fitch, the restructuring involved the transfer
of the GIC account provider to BNP Paribas ('A+'/Stable/'F1+') from Citibank
N.A. ('A'/Stable/'F1') and the transfer of the collateral account bank to
Barclays Bank PLC ('A'/Stable/'F1') from National Westminster Bank PLC
('A'/Stable/'F1'). The collateral account, GIC account and account bank triggers
have been changed to 'A'/'F1'. Prior to the restructure, the triggers were
'F1+', 'F1' and 'F1+', respectively. The trigger for the collection account bank
has also been changed to 'BBB+'/'F2' from 'F1+'.

The changes are in line with Fitch's Counterparty Criteria for Structured
Finance Transactions.


Additional information is available at www.fitchratings.com.

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