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 $3 billion of debt securities. Also affected are 28 debt programmes of 16 other SIVs. The Kestrel Funding commercial paper programmes have been placed on review for possible downgra
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