OVERVIEW We have assessed Ludgate Funding's series 2006-FF1, 2007-FF1, and 2008-W1 transactions' asset pools and capital structures. Following our credit and cash flow analysis, and the application of our relevant criteria, we have taken various rating actions in each transaction. Ludgate Funding's series 2006-FF1, 2007-FF1, and 2008-W1 are U.K. RMBS transactions securitizing nonconforming and buy-to-let loans originated by Wave (previously Freedom Funding). LONDON (Standard&Poor's) Jan. 16, 2014--Standard&Poor's Ratings Services today took various credit rating actions on Ludgate Funding PLC's series 2006-FF1, 2007-FF1, and 2008-W1 mortgage-backed floating-rate notes. Specifically, we have: Raised our rating on series 2006-FF1's class S notes, and affirmed our ratings on the class A2a, A2b, Ba, Bb, C, D, and E notes. Raised
