Moody's determines no negative rating impact on Mutual Securitisation Plc following a delay in the implementation of a proposed transfer of business of National Provident Life

London, 21 April 2015 -- Moody's Investors Service has determined that the delay in the implementation of a proposal to transfer all of the business of National Provident Life ("NPL") to Phoenix Life Assurance Limited ("PLA"), including PLA's assumption of the obligation to repay the notes ("Notes") issued by Mutual Securitisation Plc (the "Issuer"), which was initially scheduled to be executed on or around 6th April 2015 and execution of which has now been delayed to on or around 30th June 2015, will not, in and of itself and at this time, result in a reduction or withdrawal of the current ratings of outstanding notes issued by the Issuer.

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