LONDON (Standard&Poor's) Jan. 31, 2008—Standard&Poor's Ratings Services said today that it has removed from CreditWatch with negative implications and lowered its credit ratings on the class S deferrable interest rate notes, and removed from CreditWatch negative and affirmed its credit ratings on the class E notes issued by Ludgate Funding PLC (Ludgate 2006-1). These rating actions follow a full credit and cash flow analysis of the most recent loan level information. The class E notes and class S deferrable interest rate notes issued by Ludgate 2006-1 were placed on CreditWatch negative on Dec. 12, 2007, following a reserve fund draw of £598,059 from a reserve of £1,499,991 on the December interest payment date (IPD). The draw
