LONDON (Standard&Poor's) Oct. 10, 2008—Standard&Poor's Ratings Services said today that it has lowered and removed from CreditWatch with negative implications its credit ratings on the series 2006-FF1 class C, D, E, and S notes issued by Ludgate Funding PLC. The class Ba and Bb notes have been removed from CreditWatch negative and affirmed, and the class A2a, A2b, and MERCs have been affirmed (see list below). Today's rating actions follow a full credit and cash flow analysis of the most recent loan-level information, particularly taking into account the current and expected levels of the transaction reserve, in the near term. This analysis showed that the credit enhancement available for the class C, D, E, and S
