Fitch Downgrades Citigroup SIV 12 Levels

From Bloomberg: Citigroup SIV's Junior Sedna Debt Cut to CCC by Fitch (hat tip FFDIC)

Citigroup Inc.'s Sedna Finance Corp. had $867 million of junior-ranking debt downgraded 12 levels to CCC by Fitch Ratings after declines in the structured investment vehicle's assets.
...
Sedna's net asset value has fallen to 54 percent, eroding nearly all the protection the downgraded ``second priority senior'' notes gets from ranking above the lowest layer of debt, Fitch said in a statement today.

12 levels? Yikes!