OREANDA-NEWS. June 05, 2015. Fitch Ratings has withdrawn short-term ratings on Granite Master Issuer as follow:

Granite Master Issuer plc - Series 2006-1
Class A1 (US38741YBG35): Short-term rating withdrawn at 'F1sf'

Granite Master Issuer plc - Series 2006-3
Class A4 (US38741YCA55): Short-term rating withdrawn at 'F1sf'

Granite Master Issuer plc - Series 2007-2
Class 4A1 (US38741YDT38): Short-term rating withdrawn at 'F1sf'

KEY RATING DRIVERS
These note tranches were structured to be issued on an annual, revolving basis. Indeed, unless noteholders exercised their right to retain the notes, they would be automatically tendered for remarketing. The remarketing bank would then first try to sell the notes in the open market or, if unsuccessful, would require the conditional purchaser to acquire them.

However, the conditional purchaser agreements for the Granite issuances have been terminated.

As a result, these tranches are effectively no longer revolving, but rather are long-term obligations of the issuers. Therefore Fitch has decided to withdraw the short-term ratings as they are no longer considered by Fitch to be relevant for these securities, while the long-term ratings are unaffected.

RATING SENSITIVITIES

The short-term ratings are being withdrawn.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

DATA ADEQUACY
Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. There were no findings that were material to this analysis. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

Fitch did not undertake a review of the information provided about the underlying asset pool ahead of the transaction's initial closing. The subsequent performance of the transaction over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION
The information below was used in the analysis.
- Transaction reporting provided by UKAR Asset Resolution Limited as at February 2015.

MODELS
No models were used in this analysis.