LONDON (Standard&Poor's) April 27, 2009—Standard&Poor's Ratings Services today lowered its credit ratings on the series 2006-FF1 class E and S notes issued by Ludgate Funding PLC. We also placed the class Ba, Bb, C, and D notes on CreditWatch negative and affirmed the class A2a and A2b notes and the MERCs (see list below). Today's rating actions follow a full credit and cash flow analysis of the most recent loan-level information. We understand that the reserve fund has been fully drawn and on the March interest payment date, £684,658 was drawn from the liquidity facility to pay interest due on the notes. This is primarily driven by the unhedged mismatch between the Bank of England base
