Moody's upgrades 3 classes of Gracechurch 2007 UK SME ABS notes

London, 28 November 2013 -- Moody's Investors Service, ("Moody's") has today upgraded the Class B1, B2 and B3 notes (the "Class B notes") to A2 (sf) from Baa1 (sf), the Class C1, C2 and C3 notes (the "Class C notes") to Baa1 (sf) from Ba1 (sf) and the class D1 and D2 notes (the "Class D notes") to Ba2 (sf) from B2 (sf) of the Gracechurch Corporate Loans Series 2007-1 transaction. At the same time Moody's affirmed the A1 (sf) rating of Class A1, A2 and A3 notes (the "Class A notes"), the A2 (sf) rating of class AB1 and AB2 (the "Class AB notes") and the Caa1 (sf) rating of Class E1 and E2 notes (the "Class E notes"). Today's rating action reflects the 1) better-than-expected collateral performance and 2) deleveraging of the transaction and the build-up of credit enhancement since the closing date.

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