LONDON (Standard&Poor's) July 15, 2008—Standard&Poor's Ratings Services said today that it has lowered and kept on CreditWatch with negative implications its credit ratings on the class Ba, Bb, C, D, and S notes series 2006-FF1 issued by Ludgate Funding PLC. The class E notes stay on CreditWatch negative but the rating remains unaffected. The class A2a and A2b notes and the mortgage early repayment certificates (MERCs) have been affirmed at their current ratings (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
