No sign of immediate end to volatility rollercoaster
Moves by central banks to inject liquidity into the troubled financial markets have been welcomed by investors, but grounds for pessimism still persist in the form of ratings actions on SIV-lite deals
As Credit went to press, concerns about continued instability were easing in some quarters. This followed the European Central Bank's decision to inject EUR40 billion of liquidity into the three-month sector, where banks have been finding it hard to source credit in the asset-backed commercial paper (ABCP) market.
Yet in the same week, the negative signs continued. Standard & Poor's cut the rating for two SIV-lite deals - they are like special investment vehicles, but with defined maturities and
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