Moody's Investors Service downgraded Sigma Finance's short-term ratings from P-1 to P-2. S&P continues to rate the company A-1 (AAA). Money market funds holding Sigma commercial paper or medium-term notes aren't forced to sell yet, but many are undoubtedly preparing contingency plans should ratings be cut further. Bloomberg writes "Gordian Knot's $40 Billion Sigma Cut 5 Steps From Aaa", saying, "Sigma is the last and largest of the companies that financed themselves in the short-dated commercial paper markets to buy longer-dated assets. The so-called structured investment vehicles, or SIVS, were shut out when investors shunned all but the safest government securities because of contagion from the collapse in subprime mortgages." See also TimesOnline's "Solent's Mainsail II calls in the receivers".

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