Boost for non-financial commercial paper levels



After several years of falling issuance in the commercial paper market, non-financial commercial paper volumes finally began to rise in the second half of 2004. And rating agency Moody’s reports that after breaking records in 2001 and 2002, defaults and downgrades on commercial paper have shrunk in response to corporate balance sheet repair and improvements in the economy.

Commercial paper is a key source of funding for many companies, but the credit crises of 2001 and 2002 resulted

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