Fitch: No Rating Impact for 3 SF Deals with Bank of America Merrill Lynch Counterparty Exposure

NEW YORK & LONDON--()--Fitch Ratings has reviewed documents relating to proposed amendments to hedge agreements in three structured finance (SF) transactions with derivative counterparty exposure to Bank of America or Merrill Lynch related entities.

The proposed amendments involve the novation of existing hedge agreements from Merrill Lynch International Bank Limited (MLIB) to Merrill Lynch International (MLI) for the transactions listed below:

--Ludgate Funding PLC Series 2007-FF1

--Newgate Funding PLC Series 2007-1 (Classes Bb, Cb, Db, Mb)

--Newgate Funding PLC Series 2007-2 (Classes Bb, Cb, Db)

MLI is rated is rated 'A/F1' Outlook Negative by Fitch. This rating is consistent with Fitch's counterparty criteria. As a result, Fitch concludes that the novations (and their related amendments), in and of themselves, will have no impact upon the current note ratings.

Additional information is available at 'www.fitchratings.com'.

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Contacts

Fitch Ratings
Rodney Pelletier, +1-212-908-0625
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Kevin Kendra, +1-212-908-0760
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Rodney Pelletier, +1-212-908-0625
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Kevin Kendra, +1-212-908-0760
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com