Ludgate Funding Series 2008-W1 U.K. RMBS Ratings Raised On Three Classes; Three Ratings Affirmed

Following our review of Ludgate Funding's series 2008-W1 using our relevant criteria, we have raised our ratings on the class Bb, Cb, and D notes and affirmed our ratings on the class A1, A2b, and E notes. Ludgate Funding series 2008-W1 is a U.K. RMBS transaction, which closed in March 2008 and securitizes a pool of nonconforming loans secured on first-ranking U.K. mortgages. LONDON (S&P Global Ratings) Nov. 06, 2019--S&P Global Ratings today raised its credit ratings on the class Bb, Cb, and D notes and affirmed its ratings on the class A1, A2b, and E notes issued by Ludgate Funding PLC series 2008-W1 (see list above). In this transaction, our ratings address timely receipt of interest and ultimate repayment

...- Following our review of Ludgate Funding's series 2008-W1 using our relevant criteria, we have raised our ratings on the class ##, Cb, and D notes and affirmed our ratings on the class A1, A2b, and E notes. - Ludgate Funding series 2008-W1 is a U.K. RMBS transaction, which closed in March 2008 and securitizes a pool of nonconforming loans secured on first-ranking U.K. mortgages. LONDON (S&P Global Ratings) Nov. 06, 2019--S&P Global Ratings today raised its credit ratings on the class ##, Cb, and D notes and affirmed its ratings on the class A1, A2b, and E notes issued by Ludgate Funding PLC series 2008-W1 (see list above). In this transaction, our ratings address timely receipt of interest and ultimate repayment of principal for all classes of notes. Today's rating actions follow the application of our revised criteria and our full analysis of the most recent transaction information that we have received, and they reflect the transaction's current structural features (see "Related Criteria")....

Ratings Action