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2002 US$ ABCP Market Overview: Partially Enhanced Commercial Paper Jun 03
Standard & Poors, June 2003
Abstract
According to the figures provided by the Federal Reserve, the asset-backed commercial paper (ABCP) market declined by 2.64% from December 2001 versus December 2002. This reflects a slow but steady decline in issuance since January 2002 that continues into 2003. Ironically, the 12-month average amount of CP outstanding during 2002 was $719 billion versus $676 billion in 2001, a relatively small increase of 6.4% compared with prior years. The year-to-year average growth in CP outstanding in 2001 versus 2002 contradicts the respective year-end decline. In 2001, the average growth in CP outstanding outpaced the shrinkage in CP during 2002 (see chart 1). As of year-ended 2002, Standard & Poor's rated partially enhanced ABCP global U.S. dollar issuance was $590.3 billion,...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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