Ludgate Funding PLC Series 2008-W1 U.K. RMBS Ratings Affirmed Following Review

Following our review of Ludgate Funding PLC Series 2008-W1, we affirmed our ratings on all six classes of notes. While arrears have increased over the last 12 months, we expect arrears levels to stabilize based on recent trends, and credit enhancement has increased for all classes of notes. The transaction is backed by a pool of legacy nonconforming owner-occupied and buy-to-let mortgage loans secured on properties in the U.K. LONDON (S&P Global Ratings) Sept. 12, 2024--S&P Global Ratings today affirmed its 'A+ (sf)' credit ratings on Ludgate Funding PLC's Series 2008-W1's class A1, A2b, Bb, and Cb notes, 'BBB+ (sf)' rating on the class D notes, and 'B- (sf)' rating on the class E notes. Our ratings address timely receipt

...- Following our review of Ludgate Funding PLC Series 2008-W1, we affirmed our ratings on all six classes of notes. - While arrears have increased over the last 12 months, we expect arrears levels to stabilize based on recent trends, and credit enhancement has increased for all classes of notes. - The transaction is backed by a pool of legacy nonconforming owner-occupied and buy-to-let mortgage loans secured on properties in the U.K. LONDON (S&P Global Ratings) Sept. 12, 2024--S&P Global Ratings today affirmed its 'A+ (sf)' credit ratings on Ludgate Funding PLC's Series 2008-W1's class A1, A2b, ##, and Cb notes, '###+ (sf)' rating on the class D notes, and 'B- (sf)' rating on the class E notes. Our ratings address timely receipt of interest and ultimate repayment of principal for all classes of notes. Today's affirmations reflect the level of credit enhancement for each class of notes, the current counterparty cap on the maximum potential rating, and for the class E notes, the application...

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