Granite Finance Funding 2 Ltd, et al. – ‘8-K’ for 9/14/07

On:  Thursday, 9/20/07, at 12:42pm ET   ·   For:  9/14/07   ·   Accession #:  905148-7-6152   ·   File #s:  333-119671, 333-13884-01, 333-119671-02

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Current Report   —   Form 8-K
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Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         4     15K 

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8-K
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=============================================================================== 

SECURITIES AND EXCHANGE COMMISSION  

Washington, D.C. 20549  

FORM 8-K  

CURRENT REPORT  

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934  

Date of report (Date of earliest event reported): September 14, 2007  

GRANITE MASTER ISSUER PLC 
(Exact name of registrant as specified in its charter)  
England and Wales 
(State or other jurisdiction of incorporation)  
333-141533  
(Commission File Number)  
Not applicable  
(IRS Employer Identification No.) 
Fifth Floor 
100 Wood Street 
London EC2V 7EX, England  
(Address of principal executive offices)  
+44 (0)20 7606 0643 
(Registrant's telephone number, including area code)  

GRANITE FINANCE TRUSTEES LIMITED  
(Exact name of registrant as specified in its charter)  
Jersey, Channel Islands 
(State or other jurisdiction of incorporation)  
333-141533-02 
(Commission File Number)  
Not applicable  
(IRS Employer Identification No.) 
22 Grenville Street 
St. Helier, Jersey JE4 8PX, Channel Islands 
(Address of principal executive offices)  
+44 (0)1534 609 333 
(Registrant's telephone number, including area code)  

GRANITE FINANCE FUNDING 2 LIMITED 
(Exact name of registrant as specified in its charter)  
England and Wales 
(State or other jurisdiction of incorporation)  
333-141533-01 
(Commission File Number)  
Not applicable  
(IRS Employer Identification No.) 
Fifth Floor 
100 Wood Street 
London EC2V 7EX, England  
(Address of principal executive offices)  
+44 (0)20 7606 0643 
(Registrant's telephone number, including area code)  

8-K
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NORTHERN ROCK PLC 
(Exact name of sponsor as specified in its charter) 
England and Wales 
(State or other jurisdiction of incorporation)  
Not applicable  
(Commission File Number)  
Not applicable  
(IRS Employer Identification No.) 
Northern Rock House 
Gosforth, Newcastle upon Tyne NE3 4PL, England  
(Address of principal executive offices)  
+44 (0)191 285 7191 
(Sponsor's telephone number, including area code) 

------------------------------------------------------------------------------- 
Check the appropriate box below if the Form 8-K filing is intended to           
simultaneously satisfy the filing obligation of the registrant under any        
following provisions:                                                           

[   ]  Written communications pursuant to Rule 425 under the Securities Act     
(17 CFR 230.425)                                                  

[   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17   
CFR 240.14a-12)                                                   

[   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the      
Exchange Act (17 CFR 240.14d-2(b))                                

[   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the      
Exchange Act (17 CFR 240.13e-4(c))                                

8-K
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Item 8.01.  Other Events.                                                       
------------                                            

      As announced in a London Stock Exchange Announcement dated September
14, 2007, the Bank of England has extended a standby liquidity support          
facility to Northern Rock plc ("Northern Rock"), the sponsor of the Granite     
Master Issuer plc securitization program. The liquidity support facility is     
intended to help Northern Rock to continue to fund its operations during the    
current period of turbulence in the global credit markets. Pursuant to the      
agreement with the Bank of England, Northern Rock may raise funds either by     
borrowing on a secured basis from the Bank of England or by entering into       
repurchase facilities with the Bank of England.                                 

       On September 14, 2007, Standard & Poor's Ratings Services, a division
of the McGraw-Hill Companies, Inc. ("Standard & Poor's") and Fitch Ratings      
Limited ("Fitch") each downgraded Northern Rock's long-term credit ratings      
from "A+" to "A". On September 17, 2007 and September 19, 2007, respectively,   
Fitch and Standard & Poor's further downgraded Northern Rock's long-term        
credit rating from "A" to "A-". The downgrade to "A-" by Fitch constitutes a    
trigger event under the Funding 2 basis rate swaps entered into in connection   
with the Granite program, under which Northern Rock acts as Funding 2 basis     
rate swap provider. For a description of the potential consequences of this     
trigger event, please see the section entitled "The swap agreements - The       
Funding 2 basis rate swaps" in the prospectus of Granite Master Issuer plc      
(the "Company") dated May 17, 2007 and the Funding 2 Basis Rate Swap, which     
was filed with the Securities and Exchange Commission as Exhibit 10.1 to the    
Company's Form 8-K dated May 23, 2007. Northern Rock has indicated that it      
does not currently propose to take any further action following the trigger     
event, due to the liquidity provided by the standby liquidity arrangements it   
has recently agreed with the Bank of England, as described in the preceding     
paragraph. Fitch has stated that it considers these standby liquidity           
arrangements of sufficient strength and form as to satisfy the substance of     
their criteria and does not currently propose to take any negative rating       
action with respect to any notes issued by Granite Master Issuer plc (the       
"Company"). Additionally, Moody's Investors Services Limited ("Moody's") has    
placed its "Aa3" long-term rating of Northern Rock on review "direction         
uncertain." The short-term credit ratings of Northern Rock remain at A-1 by     
Standard & Poor's, F1 by Fitch and P-1 by Moody's.                              

8-K
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SIGNATURES  

      Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrants have duly caused this report to be signed on their behalf by    
the undersigned, thereunto duly authorized.                                     

Date:    September 20, 2007                                                     
                         GRANITE MASTER ISSUER PLC

                                      By:     L.D.C. Securitisation Director
                             No. 1 Limited
                   By:     /S/ S TYSON
                    Name:   Sharon Tyson
                Title:  Director

Date:    September 20, 2007                                                     
                                 GRANITE FINANCE FUNDING 2 LIMITED

                                      By:     L.D.C. Securitisation Director
                             No. 1 Limited
                   By:     /S/ S TYSON
                    Name:   Sharon Tyson
                Title:  Director

Date:    September 20, 2007                                                     
                                GRANITE FINANCE TRUSTEES LIMITED

                            By:     /S/ DANIEL LE BLANCQ
                        Name:   Daniel Le Blancq
                Title:  Director

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		9/20/07		4
		9/19/07		3
		9/17/07		3					8-K
For Period End:		9/14/07		1		3
		5/23/07		3					8-K
		5/17/07		3					424B5,  8-K,  FWP
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