Short-term rating downgrades to upgrades by commercial paper (CP) issuers have improved to 11 to one in 2003 from the historic peak reached in 2002 of 15 to one, the first year of improvement in the downgrade to upgrade ratio seen since 1999. What’s more, the improving trend has continued through 2004 with only three downgrades for every upgrade registered from January to August in 2004. CP is popular with large corporates with high credit ratings to finance daily working capital management requirements with a typical maturity range from two to 270 days.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
