LONDON (Standard&Poor's) Oct. 30, 2006—Standard&Poor's Ratings Services said today that it assigned its preliminary credit ratings to the £375 million (equivalent) mortgage-backed floating-rate notes series 2006-FF1 to be issued by Ludgate Funding PLC. At the same time, Ludgate Funding will issue £2.8 million of excess spread rated notes (see list below). The collateral for this transaction comprises a pool of first-ranking mortgages secured over freehold and leasehold, owner-occupied, and "buy-to-let" (29.47%) properties in the U.K. Freedom Funding Ltd. originated the mortgage loans. Freedom Funding was established in May 2004. In July 2006, 100% of the shares of Freedom Funding were acquired by Merrill Lynch International Bank, its current ultimate parent. Freedom Funding lends primarily to prime
