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Ratings Lowered On Classes A2a And A2b In Ludgate Funding 2006-FF1's U.K. RMBS Transaction

Published Nov 24, 2009

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Abstract:

OVERVIEW We believe that increased losses in recent quarters and the uncleared class E note principal deficiency ledger balance has led to a weakening in the credit enhancement for the downgraded notes. We lowered our ratings on the class A2a and A2b notes and affirmed all other notes. 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) Nov. 24, 2009--Standard&Poor's Ratings Services today lowered and removed from CreditWatch negative its credit ratings on Ludgate Funding PLC's class A2a and A2b series 2006-FF1 notes. At the same time, we affirmed the rating on all other classes of notes. The 'D' rating on the class E

Report Type:

Ratings Action

Issuer

Ludgate Funding PLC

Sector

Structured Finance

Country

United Kingdom

Region

Europe, Middle East, Africa

Format:

HTML

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Ratings Lowered In Ludgate Funding's Series 2008-W1 As Reserve Continues To Be Drawn And Deleveraging Is Limited – 2011/01/28 – US$ 150.00

Various Rating Actions Taken In U.K. RMBS Transactions Ludgate Funding Series 2006-FF1, 2007-FF1, And 2008-W1 – 2012/06/08 – US$ 150.00

Various Rating Actions Taken In U.K. RMBS Transactions Ludgate Funding Series 2006-FF1, 2007-FF1, And 2008-W1 – 2014/01/16 – US$ 150.00

Ratings Lowered In U.K. RMBS Transaction Ludgate Funding's Series 2006-FF1 Following Counterparty Rating Actions – 2015/09/04 – 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

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 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 On Ludgate Funding PLC's Series 2007-FF1 Class S Notes; Classes M To E On Watch Neg – 2009/05/11 – 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

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Ratings Lowered On Classes A2a And A2b In Ludgate Funding 2006-FF1's U.K. RMBS Transaction" Nov 24, 2009. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Lowered-On-Classes-A2a-And-A2b-In-Ludgate-Funding-2006-FF1-s-U-K-RMBS-Transaction-758992>

APA:	S&P Global Ratings’ Credit Research. (). Ratings Lowered On Classes A2a And A2b In Ludgate Funding 2006-FF1's U.K. RMBS Transaction Nov 24, 2009. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Lowered-On-Classes-A2a-And-A2b-In-Ludgate-Funding-2006-FF1-s-U-K-RMBS-Transaction-758992>

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