Huge downgrades for SIV-lite vehicles

Rating agency Standard & Poor's has made spectacular downgrades to two structured investment vehicle-lites (SIV-lites), which combine collateralised debt obligation structures with short-term funding common in SIVs.

Mainsail II, a $4.5 billion SIV managed by Solent Capital, had already gone below minimum capital levels on August 17, according to a filing with the London Stock Exchange, due to falling values of mortgage-backed securities in its portfolio. As a result, the vehicle had started to

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