Is Gordian Knot finally facing its Waterloo?
Sigma Finance Corp, the $37bn structured investment vehicle managed by Gordian Knot, has fought its way out of several ambushes since the credit crunch began — so far, the King of SIVs is still standing. But now its senior ratings have been cut by Moody’s and Standard and Poor’s. Is this the end of the road for Sigma?
Sigma Finance Corp, the worlds largest structured investment vehicle, and the only one still fully operating, has finally lost its triple-A ratings.
Moodys cut the vehicles Aaa/P-1 to A2 and P-2 on Friday, keeping both on review for downgrade. Standard and Poors followed suit on Monday, downgrading the AAA
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