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TEXT-Fitch affirms Annington Finance 1
January 25, 2013 / 3:55 PM / in 5 years

TEXT-Fitch affirms Annington Finance 1

Jan 25 - Fitch Ratings has affirmed Annington Finance No.1 plc (Annington
1)'s GBP333.1m 8% secured bonds due 2021 (XS0070337372) at 'AAAsf' with Negative

Interest and principal on the notes is paid using a guaranteed minimum quarterly
payment amount due from the UK Secretary of State for Defence, which will amount
to GBP15.5m throughout 2013. The payments reduce each year according to a
predefined schedule until the notes are fully redeemed in 2021. Annington 1's
rating is therefore credit-linked to the UK's sovereign rating ('AAA'/Negative).

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

The sources of information used to assess these ratings were the issuer,
servicer, and periodic payment reports.

Applicable criteria, 'Global Structured Finance Rating Criteria', dated 6 June
2012; 'EMEA CMBS Rating Criteria' dated 4 April 2012; 'Counterparty Criteria for
Structured Finance Transactions', dated 30 May 2012 and 'Counterparty Criteria
for Structured Finance Transactions: Derivative Addendum', dated 30 May 2012,
are available at

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
EMEA CMBS Rating Criteria
Counterparty Criteria for Structured Finance Transactions
Counterparty Criteria for Structured Finance Transactions: Derivative Addendum

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