Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research Ludgate Funding PLC

Rating Lowered On Ludgate Funding PLC's Series 2007-FF1 Class S Notes; Classes M To E On Watch Neg

Published May 11, 2009

Price US$ 150.00 | Buy this Report Now

About This Report

Abstract:

LONDON (Standard&Poor's) May 11, 2009—Standard&Poor's Ratings Services today lowered and placed on CreditWatch negative its credit rating on the series 2007-FF1 class S notes issued by Ludgate Funding PLC. We also placed the class Ma, Mb, Bb, Cb, Da, Db, and E notes on CreditWatch negative (see list below). All other classes of notes in this transaction are unaffected. This is a U.K. residential mortgage-backed securities (RMBS) transaction. At closing, approximately 58% of the pool was buy-to-let loans. Today's rating actions are due to the continuing decline in U.K. house prices and our expectation of higher losses on average for loans on properties that have been repossessed and loans that ultimately default. We anticipate higher loss

Report Type:

Ratings Action

Issuer

Ludgate Funding PLC

Sector

Structured Finance

Country

United Kingdom

Region

Europe, Middle East, Africa

Format:

HTML

Ratings Lowered On Class Ba, Bb, C, And D Notes In Ludgate Funding 2006-FF1's U.K. RMBS Transaction – 2009/08/18 – US$ 150.00

Rating Lowered To 'D' On Class E Notes In Ludgate Funding 2006-FF1's U.K. RMBS Deal After Nonpayment Of Interest – 2009/09/03 – US$ 150.00

Ratings Lowered On U.K. RMBS Deal Ludgate Funding's Series 2007-FF1 Class M To S Notes – 2009/09/15 – US$ 150.00

Ratings Lowered On Classes A2a And A2b In Ludgate Funding 2006-FF1's U.K. RMBS Transaction – 2009/11/24 – US$ 150.00

Ratings Placed On CreditWatch Negative In Ludgate Funding's Series 2008-W1 As Losses Lead To Reserve Fund Draws – 2010/06/21 – US$ 150.00

Ratings Lowered On Ludgate Funding PLC's Series 2006-FF1 Class E And S Notes; Classes B To D On Watch Neg – 2009/04/27 – US$ 150.00

Ratings Lowered In Ludgate Funding Series 2006-FF1 UK RMBS Deal Following Review – 2008/10/10 – US$ 150.00

Ratings Lowered On Ludgate Funding Series 2006-FF1 Class Ba, Bb, C, D, And S Notes – 2008/07/15 – US$ 150.00

Rating On S Notes In Ludgate Funding PLC Lowered And Placed On CreditWatch Negative – 2008/04/15 – US$ 150.00

New Issue: Ludgate Funding PLC – 2008/03/28 – US$ 500.00

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author

Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Rating Lowered On Ludgate Funding PLC's Series 2007-FF1 Class S Notes; Classes M To E On Watch Neg" May 11, 2009. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Rating-Lowered-On-Ludgate-Funding-PLC-s-Series-2007-FF1-Class-S-Notes-Classes-M-To-E-On-Watch-Neg-720946>

APA:	S&P Global Ratings’ Credit Research. (). Rating Lowered On Ludgate Funding PLC's Series 2007-FF1 Class S Notes; Classes M To E On Watch Neg May 11, 2009. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Rating-Lowered-On-Ludgate-Funding-PLC-s-Series-2007-FF1-Class-S-Notes-Classes-M-To-E-On-Watch-Neg-720946>

US$ 150.00

$ £ €

Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

Example Report

Click to View Sample Report

More Research

Search all our Residential Mortgage-Backed Securities from one place.