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Ratings Lowered On U.K. RMBS Deal Ludgate Funding's Series 2007-FF1 Class M To S Notes

Published Sep 15, 2009

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Abstract:

OVERVIEW The decline in U.K. house prices from mid-2007 has increased our risk assessment for this pool of mortgages. We have lowered our ratings on the class M, B, C, D, E, and S notes, and have affirmed all other ratings. Ludgate 2007-FF1 is a U.K. buy-to-let RMBS transaction with loans originated by Wave Lending (formerly Freedom Funding). LONDON (Standard&Poor's) Sept. 15, 2009—Standard&Poor's Ratings Services today lowered and removed from CreditWatch negative its credit ratings on the classes M, B, C, D, E, and S notes series 2007-FF1 issued by Ludgate Funding PLC. We affirmed all other classes of notes in this transaction (see list below). Today's downgrades are due to the recent decline in U.K.

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 Placed On CreditWatch Negative In Ludgate Funding's Series 2008-W1 As Losses Lead To Reserve Fund Draws – 2010/06/21 – US$ 150.00

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

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

Ratings Lowered In Ludgate Funding Series 2006-FF1 UK RMBS Deal Following Review – 2008/10/10 – US$ 150.00

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MLA:	S&P Global Ratings’ Credit Research. "Ratings Lowered On U.K. RMBS Deal Ludgate Funding's Series 2007-FF1 Class M To S Notes" Sep 15, 2009. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Lowered-On-U-K-RMBS-Deal-Ludgate-Funding-s-Series-2007-FF1-Class-M-To-S-Notes-746593>

APA:	S&P Global Ratings’ Credit Research. (). Ratings Lowered On U.K. RMBS Deal Ludgate Funding's Series 2007-FF1 Class M To S Notes Sep 15, 2009. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Lowered-On-U-K-RMBS-Deal-Ludgate-Funding-s-Series-2007-FF1-Class-M-To-S-Notes-746593>

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