Moody's $36bn SIV warning

Structured investment vehicles, face possible ratings downgrades of $36 billion, following rating agency Moody's latest review of the sector.

The debt securities affected amount to 11% of total SIV debt outstanding and include the senior debt programmes of Kestrel Funding PLC and Kestrel Funding LLC, which hold around $3bn of debt securities.

SIV ratings continue to be vulnerable to sustained declines in portfolio value and an inability to refinance maturing debt. The rating actions are not a resu

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