Rating Actions Taken On Ludgate Funding PLC's Series 2006-FF1, 2007-FF1, And 2008-W1 U.K. Nonconforming RMBS Notes

We took various rating actions on Ludgate Funding's series 2006-FF1, series 2007-FF1, and series 2008-W1 following our review, and our recent upgrade of Barclays Bank PLC, a counterparty for the transactions. All three series are U.K. RMBS transactions that securitize pools of nonconforming loans secured on first-ranking U.K. mortgages. LONDON (S&P Global Ratings) June 30, 2023--S&P Global Ratings today took various rating actions on Ludgate Funding PLC's series 2006-FF1, series 2007-FF1, and series 2008-W1. Specifically, we: Raised to 'A+ (sf)' from 'A (sf)' our ratings on series 2006-FF1's class A2a, A2b, Ba, and Bb notes, series 2007-FF1's class A2a, A2b, Ma, Mb, Bb, and Cb notes, and series 2008-W1's class A1, A2b, Bb, and Cb notes. Lowered to 'BBB+ (sf)'

...- We took various rating actions on Ludgate Funding's series 2006-FF1, series 2007-FF1, and series 2008-W1 following our review, and our recent upgrade of Barclays Bank PLC, a counterparty for the transactions. - All three series are U.K. RMBS transactions that securitize pools of nonconforming loans secured on first-ranking U.K. mortgages. LONDON (S&P Global Ratings) June 30, 2023--S&P Global Ratings today took various rating actions on Ludgate Funding PLC's series 2006-FF1, series 2007-FF1, and series 2008-W1. Specifically, we: - Raised to 'A+ (sf)' from 'A (sf)' our ratings on series 2006-FF1's class A2a, A2b, Ba, and ## notes, series 2007-FF1's class A2a, A2b, Ma, Mb, ##, and Cb notes, and series 2008-W1's class A1, A2b, ##, and Cb notes. - Lowered to '###+ (sf)' from 'A- (sf)' our ratings on series 2007-FF1's class Da and Db notes. - Affirmed our 'A (sf)' rating on series 2006-FF1's class C notes, 'A- (sf)' rating on the class D notes, and '### (sf)' rating on the class E notes. -...

Ratings Action