May 1 - Fitch Ratings has been informed that the issuer of the Ludgate
2008-W1 notes intends to make a standby liquidity facility drawing. This follows
the occurrence of a Series Liquidity Facility Relevant Event, which occurred
following the downgrade of the Guarantor, Merrill Lynch & Co. Inc., by another
The applicable margin on the standby drawing is 80 basis points, which is 40bps
higher than the commitment fee paid to date. Whilst the notification is credit
negative, Fitch does not believe that the increase in fee is of sufficient
magnitude to warrant rating actions.
Additional information is available at www.fitchratings.com.
Applicable Criteria and Related Research:
Counterparty Criteria for Structured Finance Transactions