Various Rating Actions Taken In U.K. Nonconforming RMBS Transaction Ludgate Funding's Series 2007-FF1 After Review

OVERVIEW We have reviewed Ludgate Funding series 2007-FF1's performance by performing our credit and cash flow analysis under our relevant criteria. Following our review, we have taken various rating actions. Ludgate Funding's series 2007-FF1 is a U.K. nonconforming RMBS transaction comprising a pool of first-ranking mortgages over freehold and leasehold properties. LONDON (S&P Global Ratings) May 17, 2018--S&P Global Ratings today raised its credit ratings on Ludgate Funding PLC series 2007-FF1's class Bb, Cb, Da, Db, and E notes. At the same time, we affirmed our ratings on the class A2a, A2b, Ma, and Mb notes (see the list below). Today's rating actions follow our credit and cash flow analysis of the transaction using information from the April 2018 investor

...OVERVIEW + We have reviewed Ludgate Funding series 2007-FF1's performance by performing our credit and cash flow analysis under our relevant criteria. + Following our review, we have taken various rating actions. + Ludgate Funding's series 2007-FF1 is a U.K. nonconforming RMBS transaction comprising a pool of first-ranking mortgages over freehold and leasehold properties. LONDON (S&P Global Ratings) May 17, 2018--S&P Global Ratings today raised its credit ratings on Ludgate Funding PLC series 2007-FF1's class ##, Cb, Da, Db, and E notes. At the same time, we affirmed our ratings on the class A2a, A2b, Ma, and Mb notes (see the list below). Today's rating actions follow our credit and cash flow analysis of the transaction using information from the April 2018 investor report and March 2018 loan-level data. Our analysis reflects the application of our European residential loans criteria and our current counterparty criteria (see "Criteria - Structured Finance - General: Methodology And Assumptions:...

Ratings Action