The asset-backed securities market in Europe is still on a roller coaster ride. Last week, Moody's Investors Service announced that it may downgrade a series of SIVs that include some senior sponsors, while Standard & Poor's upgraded 13 tranches in 10 U.K. nonconforming RMBS 2004 and 2005 vintage deals.

Although market sources are optimistic that deals will continue to trickle into the pipeline, they say the market will need time before it returns to normal in a satisfactory way.

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