Various Rating Actions Taken In Ludgate Funding's Series 2007-FF1 And Series 2008-W1 After Counterparty Rating Actions

OVERVIEW On June 9, 2015, we lowered our rating on Barclays Bank. Consequently, on July 6, 2015, we took various rating actions on various European RMBS transactions. Under our current counterparty criteria, our ratings in s Ludgate Funding's series 2007-FF1 and series 2008-W1 are constrained by our long- or short-term issuer credit ratings on Barclays Bank as the transaction account provider, guaranteed investment contract provider, and (for series 2008-W1 only) swap counterparty. Consequently, we have taken various rating actions in series 2007-FF1 and series 2008-W1. Due to an error, we did not lower our rating on Ludgate Funding series 2008-W1's class A1 notes on July 6, 2015. Today's rating actions correct this error. Ludgate Funding's series 2007-FF1 and series 2008-W1

...OVERVIEW + On June 9, 2015, we lowered our rating on Barclays Bank. Consequently, on July 6, 2015, we took various rating actions on various European RMBS transactions. + Under our current counterparty criteria, our ratings in s Ludgate Funding's series 2007-FF1 and series 2008-W1 are constrained by our long- or short-term issuer credit ratings on Barclays Bank as the transaction account provider, guaranteed investment contract provider, and (for series 2008-W1 only) swap counterparty. + Consequently, we have taken various rating actions in series 2007-FF1 and series 2008-W1. + Due to an error, we did not lower our rating on Ludgate Funding series 2008-W1's class A1 notes on July 6, 2015. Today's rating actions correct this error. + Ludgate Funding's series 2007-FF1 and series 2008-W1 are nonconforming residential mortgage-backed securities. LONDON (Standard & Poor's) Sept. 4, 2015--Standard & Poor's Ratings Services today took various credit rating actions on three tranches in Ludgate...

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