Various Rating Actions Taken On Ludgate Funding's Series 2008-W1 U.K. Nonconforming RMBS Notes Following Review

OVERVIEW On Nov. 10, 2017, we placed on CreditWatch positive our ratings on Ludgate Funding's series 2008-W1 class A1 and A2b notes following our upgrade of Barclays Bank, the collection account provider, transaction account provider, and swap counterparty. We have reviewed this transaction using our credit and cash flow analysis under our relevant criteria. Following our review, we have raised and removed from CreditWatch positive our ratings on the class A1 and A2b notes. At the same time, we have raised our ratings on the class Cb and D notes, and affirmed our ratings on the class Bb and E notes. Ludgate Funding's series 2008-W1 is a U.K. nonconforming RMBS transaction that closed in March 2008. LONDON (S&P Global Ratings)

...OVERVIEW + On Nov. 10, 2017, we placed on CreditWatch positive our ratings on Ludgate Funding's series 2008-W1 class A1 and A2b notes following our upgrade of Barclays Bank, the collection account provider, transaction account provider, and swap counterparty. + We have reviewed this transaction using our credit and cash flow analysis under our relevant criteria. + Following our review, we have raised and removed from CreditWatch positive our ratings on the class A1 and A2b notes. + At the same time, we have raised our ratings on the class Cb and D notes, and affirmed our ratings on the class ## and E notes. + Ludgate Funding's series 2008-W1 is a U.K. nonconforming RMBS transaction that closed in March 2008. LONDON (S&P Global Ratings) Jan. 30, 2018--S&P Global Ratings today raised and removed from CreditWatch positive its credit ratings on Ludgate Funding PLC series 2008-W1's class A1 and A2b notes. At the same time, we have raised our ratings on the class Cb and D notes, and affirmed...

Ratings Action