TEXT-S&P summary: Cabot Financial Ltd.

(The following statement was released by the rating agency)

Oct 09 - =============================================================================== Summary analysis -- Cabot Financial Ltd. -------------------------- 09-Oct-2012 =============================================================================== CREDIT RATING: BB-/Stable/-- Country: United Kingdom Primary SIC: Misc. business credit institutions =============================================================================== Credit Rating History: Local currency Foreign currency 10-Sep-2012 BB-/-- BB-/-- =============================================================================== Rationale

Cabot Financial Ltd. is an intermediate nonoperating holding company (NOHC)and a wholly owned subsidiary of Cabot Credit Management Ltd. Standard &Poor's Ratings Services' ratings on Cabot Financial reflect the credit profile(group credit profile; GCP) of the consolidated group (Cabot; see chart 1) andour view that its main operating subsidiary, Cabot Financial (U.K.) Ltd., is"core" to the group (as our criteria define this term). The ratings on CabotFinancial also reflect our view that there appears to be no material barriersto cash flows from the operating subsidiaries to the NOHC.