Reuters writes "Moody's cuts, may cut, $33 bln of SIV debt"

Nov 08 07

Reuters writes "Moody's cuts, may cut, $33 bln of SIV debt", which says "include debt issued by three Citigroup SIVs -- Beta, Centauri and Dorada; HSBC's two SIVs, Asscher and Cullinan; and WestLB's Harrier and Kestrel vehicles. The Wall Street Journal says "SIV Rescue Plan Faces New Pressure". "The three SIVs whose capital notes [not CP] were placed yesterday on review ... have a combined $50 billion in assets. Of the seven SIVs, 7%, or nearly $6 billion in assets, are invested in U.S. mortgage-backed securities", says WSJ. The bank adds, "[T]he SIVs have no direct exposure to U.S. subprime assets" through investments in collateralized debt obligations.

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