Citigroup Inc. announced Wednesday that it will buy the last $17.4 billion of assets in structured investment vehicles it advises.

The move is "nearly cashless," Citigroup said, resulting in an estimated payment of $300 million upon completion of the transaction. Citigroup will be repaid about $6.5 billion in financial support that it previously provided to the SIVs.

In light of the move, Moody's Investors Service stripped six SIVs of their triple-A ratings, while Standard & Poor's Ratings Services took the top rating from three SIVs.

Moody's noted the change reflected the effective establishment of a direct link between the SIVs and Citigroup.

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