Standard&Poor's Ratings Services has assigned credit ratings to the mortgage-backed floating-rate notes series 2006-FF1 issued by Ludgate Funding PLC. Ludgate Funding also issued £2.8 million of excess spread rated notes. Since Standard&Poor's assigned preliminary ratings to this transaction (Oct. 30, 2006), the arranger has not made any material structural changes to this transaction. The ratings reflect the payment structure and cash flow mechanics of the transaction, and a cash flow analysis to verify that the notes will be repaid under stress test scenarios. Other considerations include: Protection for the class A1 and A2 noteholders provided by a combination of the subordinate class B, C, D, and E notes and the cash reserve fund; Protection for the
