London, 06 May 2016 -- Moody's Investors Service has today placed on review for downgrade the ratings of classes B, C & D of notes issued by Honours PLC Series 2 ("Honours 2"), UK asset-backed securities backed by student loans. The placement on review for downgrade reflects the cost incurred by the transaction resulting from non-compliance with consumer credit legislation and increased costs associated with counterparties in the transaction.

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