TEXT-fitch affirms Brooklands 2004-1

Sept 24 - Fitch Ratings has affirmed Brooklands Euro Reference-Linked Notes
2004-1 Limited (Brooklands 2004-1), as follows:

Class A1-b (ISIN XS0193141388) affirmed at 'CCCsf'

Class A2 (ISIN XS0193141891) affirmed at 'CCsf'

Class B (ISIN XS0193142436) affirmed at 'Csf'

Class C-E (ISIN XS0193142782) affirmed at 'Csf'

Class C-Y (ISIN XS0193142865) affirmed at 'Csf'

Class D (ISIN XS0193143590) affirmed at 'Csf'

Class E (ISIN XS0193143913) affirmed at 'Dsf'

The class A1-a notes were redeemed in full in March 2012. The scheduled maturity
date of the rest of the notes is 2014; the legal final is 2054.

The affirmation of the class A1-b to C notes reflects the notes' levels of
credit enhancement relative to the reference portfolio credit quality.

The reference pool's credit quality has deteriorated year on year with the
'CCsf' and below bucket increasing to 6.1% from 2.5%. In addition, the share of
investment grade assets has declined to 51% of the reference portfolio from 56%
at the time of the last review in October 2011. The reference portfolio exposure
to peripheral countries is limited at 3%. The reference pool concentration at
industry level has not changed significantly during the past year: RMBS, Banking
& Finance and CMBS account for 19%, 16% and 11%, respectively.

Credit enhancement for the notes has declined since the last review in October
2011 following the settlement of an outstanding credit event. As a result of
the credit event settlement, the class E note balance was further written down
and now stands at 26% of its original balance .There have been five credit
events since origination, which resulted in losses of EUR32.6m. As of the August
2012 report, there are no outstanding credit events.

The issuer, Brooklands, is a special purpose vehicle incorporated with limited
liability under the laws of the Cayman Islands. Brooklands provides protection
to UBS AG, London Branch on a portfolio of reference credits with an initial
notional value of EUR750m.

The ratings of the class A to E notes address the full and timely payment of
interest and ultimate payment of principal by the final maturity.

Additional information is available on www.fitchratings.com. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Source of information: The information used to assess these ratings was sourced
from periodic investor reports and the trustee.

Applicable criteria, 'Global Structured Finance Rating Criteria', dated 6 June
2012, 'Global Rating Criteria for Structured Finance CDOs', dated 6 October 2011
and 'Counterparty Criteria for Structured Finance Transactions', dated 30 May
2012; are available at www.fitchratings.com.

Applicable Criteria and