Moody's Updates on Brunel Residential Mortgage Securitisation No 1 PLC following downgrades of account banks

London, 10 January 2013 -- Moody's has determined that the proposed action to, switch to BNP Paribas Securities Services, London Branch "BNP Paribas" (A2/P-1) as GIC Provider instaed of Citibank NA, London Branch (A3/(P)P-2) and to introduce Barclays Bank plc (A2/P-1) as Collateral Account Bank will not, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the notes (the "Notes") issued by Brunel Residential Mortgage Securitisation No 1 PLC (the "Issuer"). Moody's opinion address only the credit impact of the proposed action, and Moody's is not expressing any opinion as to whether the action has, or could have, other non-credit related effects that may have a detrimental impact on the interests of note holders and/or counterparties.

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