by Calculated Risk on 11/07/2007 03:27:00 PM

From MarketWatch: Moody's cuts more SIV ratings (hat tip REBear, sr)

Moody's ... downgraded more ratings on structured investment vehicles on Wednesday and warned that the funds are in a more precarious position than they were in early September, previously considered the height of this year's credit crisis.

Moody's said it cut or may downgrade ratings on structured investment vehicles (SIVs) with roughly $33 billion in debt. ... More than 10% of all SIV debt was affected by the move. ...

"The situation has not yet stabilized and further rating actions could follow," Moody's said in a statement. "SIV senior note ratings continue to be vulnerable to the unprecedented large and sustained declines in portfolio value combined with a prolonged inability to refinance maturing debt."

From Bloomberg yesterday: Citigroup SIVs Draw $7.6 Billion of Emergency Funds

Citigroup Inc., the largest U.S. bank by assets, provided $7.6 billion of emergency financing to the seven structured investment vehicles it runs after they were unable to repay maturing debt.

The SIVs drew on the $10 billion of so-called committed liquidity provided by Citigroup ...

This is getting ugly. Also the MLEC SIV Superfund has apparently stalled as the SIV situation is deteriorating. (sorry for all the posts today - a lot of news and little analysis)