LONDON (Standard&Poor's) April 15, 2008—Standard&Poor's Ratings Services said today that it has lowered and placed on CreditWatch with negative implications its credit rating on the class S deferrable interest rate notes issued by Ludgate Funding PLC (series 2006-FF1). It has also placed on CreditWatch negative its credit ratings on the class Ba, Bb, C, D, and E notes, and affirmed the class A2a, A2b, and MERCs of series 2006-FF1 (see list below). These rating actions follow a full credit and cash flow analysis of the most recent loan-level information, taking into account in particular the current and expected levels of the transaction reserve in the near term. This analysis showed that the class S notes could
