LONDON (Standard&Poor's) March 5, 2008—Standard&Poor's Ratings Services said today that it is aware of the second reserve fund draw made by Ludgate Funding PLC series 2006-FF1, which was highlighted in the March investor report. The transaction drew £431,722, 47.87% of its quarter opening reserve fund balance. This follows a previous draw of £598,059 (39.87%) on the December 2007 interest payment date. The current reserve fund represents 0.18% of the outstanding mortgage balance and 31.35% of the reserve required amount (£1,499,992). The class E and S deferrable interest rate notes in Ludgate 2006-FF1 were placed on CreditWatch with negative implications in December 2007. Following a full credit and cash flow analysis, Standard&Poor's lowered its ratings
