November 27, 2012 / 3:21 PM / 5 years ago

TEXT-Fitch keeps Titan Europe 2007-1 notes on watch negative

Nov 27 - Fitch Ratings has maintained Titan Europe 2007-1 (NHP) Limited's
notes on Rating Watch Negative (RWN), as follows:

GBP42.15m class B secured floating-rate notes due 2017: 'BB'; maintained on RWN
GBP42m class C secured floating-rate notes due 2017: 'B+'; maintained on RWN
GBP58m class D secured floating-rate notes due 2017: 'B-'; maintained on RWN
GBP60m class E secured floating-rate notes due 2017: 'CCC'; unaffected

Fitch is still awaiting further information before resolving the RWN. Following
recent discussions with the Servicer Capita, this information is still expected
during Q412.

As highlighted in previous press releases (with the latest one published on 13
September 2012), Fitch expects to resolve the RWN once it has received more
material information later in Q4, most notably (i) a detailed 12-month operating
performance review of HC-One, (ii) details of the state of repair of the care
homes (with information on catch-up capex and use of the withheld funds) and
(iii) a presentation of HC-One 3-year business plan.

Titan Europe 2007-1 (NHP) is a securitisation of 294 nursing homes and three
residential properties owned by NHP, which are let on long leases to third-party
operators active in the UK healthcare sector (in particular HC-One, which
accounts for 84% of the estate).

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

Applicable criteria, 'Rating Criteria for UK Whole Business Securitisations',
dated 09 August 2012, and 'EMEA CMBS Rating Criteria', dated 4 April 2012, are
available at

Applicable Criteria and Related Research:
Rating Criteria for UK Whole Business Securitisations
EMEA CMBS Rating Criteria
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