Various Rating Actions Taken On U.K. Nonconforming RMBS Transaction Ludgate Funding's Series 2006-FF1 Following Review

OVERVIEW On Nov. 10, 2017, we placed on CreditWatch positive our ratings on Ludgate Funding's Series 2006-FF1 class A2a, A2b, Ba, and Bb notes following our upgrade of Barclays Bank, the GIC account and transaction account provider. We have reviewed this transaction using our credit and cash flow analysis under our relevant criteria. Following our review, we have taken various rating actions on the notes. Ludgate Funding's series 2006-FF1 is a U.K. nonconforming RMBS transaction that closed in November 2006 and securitizes first-ranking mortgages over freehold and leasehold properties in the U.K. LONDON (S&P Global Ratings) Jan. 12, 2018--S&P Global Ratings today took various rating actions on Ludgate Funding PLC's series 2006-FF1. Specifically, we have: Raised and removed from CreditWatch

...OVERVIEW + On Nov. 10, 2017, we placed on CreditWatch positive our ratings on Ludgate Funding's Series 2006-FF1 class A2a, A2b, Ba, and ## notes following our upgrade of Barclays Bank, the GIC account and transaction account provider. + We have reviewed this transaction using our credit and cash flow analysis under our relevant criteria. + Following our review, we have taken various rating actions on the notes. + Ludgate Funding's series 2006-FF1 is a U.K. nonconforming RMBS transaction that closed in November 2006 and securitizes first-ranking mortgages over freehold and leasehold properties in the U.K. LONDON (S&P Global Ratings) Jan. 12, 2018--S&P Global Ratings today took various rating actions on Ludgate Funding PLC's series 2006-FF1. Specifically, we have: + Raised and removed from CreditWatch positive our ratings on the class A2a, A2b, Ba, and ## notes; + Raised our ratings on the class C and D notes; and + Affirmed our rating on the class E notes (see list below)....

Ratings Action