LONDON (Standard&Poor's) Dec. 12, 2007—Standard&Poor's Ratings Services said today that it has placed on CreditWatch with negative implications its credit ratings on the class E and S deferrable interest rate notes series 2006-FF1 issued by Ludgate Funding PLC (Ludgate 2006-1). At the same time, the ratings on all other notes in the transaction were affirmed (see list below). Ludgate 2006-1 drew £598,059 from a reserve of £1,499,991 on the December interest payment date (IPD). The draw represents 39.87% of the available reserve fund taking the reserve to 0.24% of the initial note balance compared with 0.40% at closing (see "Bulletin: Ludgate 2006-1 U.K. RMBS Draws On Reserve Fund"). The reserve fund draw is primarily driven by
