PRESS RELEASE: Fitch Rates Leek Finance 21 PLC's Notes AAA

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Fitch Ratings-London-02 October 2008: Fitch Ratings has todayassigned Leek Finance Number Twenty One PLC's GBP1,017.7m Class Aresidential mortgage-backed floating-rate notes due 2039 a ratingof 'AAA' with Stable Outlook.
The rating is based on the collateral quality, available creditenhancement and underwriting of Platform Funding Limited (whoseoriginations account for 6.5% of the collateral pool) and GMAC-RFC(whose originations account for 93.5% of the collateral pool). Italso considers the servicing capabilities of Western MortgageServices Limited and the legal structure of the transaction. Creditenhancement for the notes, totalling 30.5%, is provided by anunrated subordinated Class B note (22.5%), as well as a fullyfunded non-amortising reserve fund (8%).
To determine appropriate credit enhancement levels, Fitch analysedthe collateral using its UK Residential Mortgage Default Criteriadated 8 Feb 2008. The agency also modelled cash flows using theresults of the default model with structural stresses includingvarious prepayment and interest rate scenarios. The cash flow testsshowed that the Class A notes could withstand loan losses at a'AAA' rating level without incurring any principal loss or interestshortfall and can retire principal by legal final maturity.
The new issue report will shortly be available on the agency'ssubscription website, www.fitchresearch.com .
For topical commentary on the European structured finance market,along with global capital markets coverage, please see www.fitchratings.com/capitalmarkets .
Contact: Ketan Thaker, London, Tel: +44 (0)20 7682 7524; AlastairBigley, +44 (0)20 7417 6278.
Media Relations: Peter Fitzpatrick, London, Tel: + 44 (0)20 74174364.
Fitch's rating definitions and the terms of use of such ratings areavailable on the agency's public site, www.fitchratings.com . Published ratings, criteria and methodologies are available fromthis site at all times. Fitch's code of conduct, confidentiality,conflicts of interest, affiliate firewall, compliance and otherrelevant policies and procedures are also available from the 'Codeof Conduct' section of this site.
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