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

OVERVIEW We have reviewed Ludgate Funding series 2007-FF1's performance as part of our surveillance review cycle by performing our credit and cash flow analysis and applying our European residential loans criteria and our current counterparty criteria. Following our review, we have raised our ratings on the class Ma, Mb, Bb, Cb, Da, and Db notes. At the same time, we have affirmed our ratings on the class A2a, A2b, and E notes. Ludgate Funding's series 2007-FF1 is a U.K. nonconforming RMBS transaction. LONDON (S&P Global Ratings) Jan. 30, 2017--S&P Global Ratings today raised its credit ratings on Ludgate Funding PLC series 2007-FF1's class Ma, Mb, Bb, Cb, Da, and Db notes. At the same time, we have affirmed our ratings

...OVERVIEW + We have reviewed Ludgate Funding series 2007-FF1's performance as part of our surveillance review cycle by performing our credit and cash flow analysis and applying our European residential loans criteria and our current counterparty criteria. + Following our review, we have raised our ratings on the class Ma, Mb, ##, Cb, Da, and Db notes. + At the same time, we have affirmed our ratings on the class A2a, A2b, and E notes. + Ludgate Funding's series 2007-FF1 is a U.K. nonconforming RMBS transaction. LONDON (S&P Global Ratings) Jan. 30, 2017--S&P Global Ratings today raised its credit ratings on Ludgate Funding PLC series 2007-FF1's class Ma, Mb, ##, Cb, Da, and Db notes. At the same time, we have affirmed our ratings on the class A2a, A2b, and E notes (see list below). Today's rating actions follow our credit and cash flow analysis of the transaction using information from the January 2017 investor report and October 2016 loan-level data. Our analysis reflects the application...

Ratings Action