Ratings Raised In U.K. Nonconforming RMBS Transaction Ludgate Funding's Series 2007-FF1 After Rating Trigger Amendment

OVERVIEW We have reviewed Ludgate Funding series 2007-FF1's ratings following the amendment of the account bank rating trigger in the transaction documents. Following our review, we have raised to 'A (sf)' from 'A- (sf)' our ratings on the class A2a, A2b, Ma, and Mb notes. Our ratings on the class Bb, Cb, Da, Db, and E notes are unaffected. Ludgate Funding's series 2007-FF1 is a U.K. nonconforming RMBS transaction. LONDON (S&P Global Ratings) March 24, 2017--S&P Global Ratings today raised to 'A (sf)' from 'A- (sf)' its credit ratings on Ludgate Funding PLC series 2007-FF1's class A2a, A2b, Ma, and Mb notes (see list below). Our ratings on the class Bb, Cb, Da, Db, and E notes are unaffected. Today's

...OVERVIEW + We have reviewed Ludgate Funding series 2007-FF1's ratings following the amendment of the account bank rating trigger in the transaction documents. + Following our review, we have raised to 'A (sf)' from 'A- (sf)' our ratings on the class A2a, A2b, Ma, and Mb notes. + Our ratings on the class ##, Cb, Da, Db, and E notes are unaffected. + Ludgate Funding's series 2007-FF1 is a U.K. nonconforming RMBS transaction. LONDON (S&P Global Ratings) March 24, 2017--S&P Global Ratings today raised to 'A (sf)' from 'A- (sf)' its credit ratings on Ludgate Funding PLC series 2007-FF1's class A2a, A2b, Ma, and Mb notes (see list below). Our ratings on the class ##, Cb, Da, Db, and E notes are unaffected. Today's upgrades follow the amendment of the account bank rating trigger in the transaction documents, which is now aligned with our current counterparty criteria (see "Counterparty Risk Framework Methodology And Assumptions," published on June 25, 2013). The notes benefit from a liquidity...

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