Afms Rtgs on Leek Finance Number One PLC's Notes.

Business Editors

LONDON (Standard & Poor's CreditWire)--(BUSINESS WIRE)--Aug. 21, 2000

Standard & Poor's today affirmed its ratings on the class A-2, M, and B notes issued by Leek Finance Number One PLC, a bankruptcy-remote special-purpose entity, following the withdrawal on Aug. 15, 2000 of the counterparty credit and financial strength ratings of Eagle Star Insurance Co. Ltd., provider of the mortgage indemnity guarantee (MIG) for Leek Finance Number One (see list below).

Eagle Star was one of a group of insurers providing MIG in the transaction, although no credit was given to MIG cover in the original rating process. The withdrawal of Eagle Star's financial strength rating, therefore, has no affect on the rating of Leek One.

The affirmations on the ratings of the class A-2, M, and B notes reflect the continued credit enhancement provided by the subordinated notes and excess spread, and Standard & Poor's expectation that this will be sufficient to protect noteholders from anticipated credit losses, Standard & Poor's said. -- CreditWire

RATINGS AFFIRMED
Leek Finance Number One PLC
GBP794.6 Million Floating-Rate Notes
Class              Rating            Sale Amount (Mil. GBP)
A-1                N.R. (Paid down)  262.9
A-2                AAA               428.6
M                  A                  74.8
B                  BBB                28.3

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