(2)
Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to three Senior Tranches, two Tranches and two Credit Linked Notes relating to the Fontwell II Securities 2020 DAC transaction, a £1.87bln partially-funded synthetic securitisation of United Kingdom agricultural mortgage loan agreements originated by Agricultural Mortgage Corporation PLC ("AMC"), a wholly owned subsidiary of Lloyds Bank PLC ("Lloyds").
Fontwell II Securities 2020 DAC will issue three classes of Credit Linked Notes, the Class A Portfolio Credit Linked Notes ("Class A CLNs"), the Class B Portfolio Credit Linked Notes ("Class B CLNs") and the Class Z Credit Linked Notes ("Class Z CLNs"), together, the ("Credit Linked Notes"), which reference certain tranches of the reference portfolio. KBRA has assigned preliminary ratings to the Class A CLNs and the Class B CLNs and to the related tranches of the reference portfolio, Tranche A and Tranche B. KBRA has also assigned preliminary ratings to three senior tranches of the reference portfolio, Senior Tranches B, Senior Tranche C and Senior Tranche D, which are the subject of a senior financial guarantee between Lloyds as beneficiary and AMC as guarantor.