Moody's Investors Service downgraded Sigma Finance's Gordian Knot-managed SIV senior ratings to A2'/P2' from Aaa'/'P1' following a review of credit enhancement and impending liquidity problems.

Sigma was placed on watch negative by both Moody's and Standard & Poor's, while Fitch Ratings removed its rating altogether earlier this year. It was the last remaining vehicle not to have entered either a restructuring/bail-out or enforcement scenario.

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