Standard&Poor's Ratings Services has assigned credit ratings to the mortgage-backed floating-rate notes series 2008-W1 issued by Ludgate Funding PLC. The ratings are a reflection of the transaction's payment structure and cash flow mechanics. Other considerations include protection for the notes provided by subordination, credit support provided by the cash reserve fund, and a cash flow analysis to verify that the notes are repaid under stress test scenarios. Part of the note proceeds were used to fund the initial cash reserve fund and the discount reserve fund. Any net proceeds of the notes not applied on the issue date were deposited in the prefunded loans ledger and will be applied as principal payments on the first distribution date. This
