OVERVIEW The unhedged interest rate dislocation has continued to place pressure on the transaction's available cash flows so the likelihood of default for the most subordinate classes has, in our view, increased. We have lowered our ratings on the class Ba, Bb, C, and D notes and placed the class A2a and A2b notes on CreditWatch negative. Ludgate Funding series 2006-FF1 is a U.K. nonconforming RMBS transaction with loans originated by Wave Lending (formerly Freedom Funding). LONDON (Standard&Poor's) Aug. 18, 2009--Standard&Poor's Ratings Services today lowered and removed from CreditWatch negative its credit ratings on the class Ba, Bb, C, and D series 2006-FF1 notes issued by Ludgate Funding PLC. At the same time, we placed the
