OVERVIEW On June 9, 2015, we lowered our rating on Barclays Bank. Consequently, on July 6, 2015, we took various rating actions on various European RMBS transactions. Under our current counterparty criteria, our ratings on Ludgate Funding series 2006-FF1's class A2a, A2b, Ba, and Bb notes are constrained by our long- or short-term issuer credit ratings on Barclays Bank as the transaction account provider, guaranteed investment contract provider, and swap counterparty. Due to an error, we did not lower our ratings on Ludgate Funding series 2006-FF1's class A2a, A2b, Ba, and Bb notes on July 6, 2015. Today's rating actions correct this error. We have lowered to 'A- (sf)' from 'A (sf)' our ratings on series 2006-FF1's class A2a, A2b,
