RNS Number : 0473K
  Chester Asset Recs Deals 2004-1 PLC
  12 December 2008
   
    Issuer: Chester Asset Receivables Dealings 2004-1 PLC (the "Issuer")
    Date: 12 December 2008
    Notification of downgrade by Fitch Ratings Ltd of ratings of certain notes issued by the Issuer
    We have become aware that Fitch Ratings Ltd has downgraded the ratings of 7 classes of asset-backed notes issued under the UK
Receivables Trust II, the ratings of the Class C asset-backed notes issued by Chester Asset Receivables Dealings No.11 PLC and the ratings
of the Class C asset-backed notes issued by Chester Asset Receivables Dealings No.12 PLC under the UK Receivables Trust. A complete list of
rating actions is below. 
    Under UK Receivables Trust II: 
    Chester Asset Receivables Dealings II 2001-B series:
    Class A GBP220.0m notes, affirmed at 'AAA', Outlook Stable.
    Class B GBP12.5m notes, affirmed at 'A+', Outlook Stable.
    Class C GBP17.5m notes, downgraded to 'BBB-' (BBB minus) from 'BBB', Outlook Negative.
    Chester Asset Receivables Dealings II 2002-A series:
    Class A GBP439.1m notes, affirmed at 'AAA', Outlook Stable.
    Class B GBP25.1m notes, affirmed at 'A+', Outlook Stable.
    Class C GBP35.1m notes, downgraded to 'BBB-' (BBB minus) from 'BBB', Outlook Negative.
    Chester Asset Receivables Dealings II 2003-B series:
    Class A GBP220.0m notes, affirmed at 'AAA', Outlook Stable.
    Class B GBP12.5m notes, affirmed at 'A+', Outlook Stable.
    Class C GBP17.5m notes, downgraded to 'BBB-' (BBB minus) from 'BBB', Outlook Negative.
    Chester Asset Receivables Dealings II 2003-C series:
    Class A GBP439.5m notes, affirmed at 'AAA', Outlook Stable.
    Class B GBP25.1m notes, affirmed at 'A+', Outlook Stable.
    Class C GBP35.0m notes, downgraded to 'BBB-' (BBB minus) from 'BBB', Outlook Negative.
    Chester Asset Receivables Dealings II 2004-1 series:
    Class A GBP440.0m notes, affirmed at 'AAA', Outlook Stable.
    Class B GBP25.0m notes, affirmed at 'A+', Outlook Stable.
    Class C GBP35.0m notes, downgraded to 'BBB-' (BBB minus) from 'BBB', Outlook Negative.
    Chester Asset Receivables Dealings II De-linked series:
    2004-A1 GBP300.0m notes, affirmed at 'AAA', Outlook Stable.
    2004-B1 GBP83.5m notes, affirmed at 'A+', Outlook Stable.
    2004-C1 GBP116.9m notes, downgraded to 'BBB-' (BBB minus) from 'BBB', Outlook Negative.
    2004-A2 GBP250.0m notes, affirmed at 'AAA', Outlook Stable.
    2006-A1 GBP250.0m notes, affirmed at 'AAA', Outlook Stable.
    2006-B1 GBP50.0m notes, affirmed at 'A+', Outlook Stable.
    2006-C1 GBP70.0m notes, downgraded to 'BBB-' (BBB minus) from 'BBB', Outlook Negative.
    2008-A1 GBP261.9m notes, affirmed at 'AAA', Outlook Stable.
    2008-A2 GBP300.0m notes, affirmed at 'AAA', Outlook Stable.
    Under UK Receivables Trust: 
    CARDS No.11 (2000-1 series):
    Class A GBP438.3m notes, affirmed at 'AAA', Outlook Stable.
    Class B GBP20.0m notes, affirmed at 'A+', Outlook Stable.
    Class C GBP40.0m notes, downgraded to 'BBB-' (BBB minus) from 'BBB', Outlook Negative.
    CARDS No.12 (2000-2 series):
    Class A GBP264.0m notes, affirmed at 'AAA', Outlook Stable.
    Class B GBP12.0m notes, affirmed at 'A+', Outlook Stable.
    Class C GBP24.0m notes, downgraded to 'BBB-' (BBB minus) from 'BBB', Outlook Negative.
    Further information is available on http://www.fitchratings.com/


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