Commercial paper entails credit risk, and programs are rated by the major rating agencies. Because commercial paper is a rolling form of debt, with new issues generally funding the retirement of old issues, the main risk is that the issuer will not be able to issue new commercial paper.
www.riskglossary.com/articles/commercial_paper.htm www.riskglossary.com/articles/commercial_paper.htm
Nov 9, 2006 November 5, 2008, Clarification of Criteria Considered for Commercial Paper Rates · June 18, 2007, Change to Credit Rating Agencies...
www.federalreserve.gov/Releases/cp/about.htm
Investopedia explains Commercial Paper; Commercial paper is not usually backed by any form of collateral, so only firms with high-quality debt ratings will easily find buyers without having to offer a substantial discount (higher cost) for the debt issue. What Is A Corporate Credit Rating? - Is the bond you're...
www.investopedia.com/terms/c/commercialpaper.asp www.investopedia.com/terms/c/commercialpaper.asp
www.fitchratings.com/corporate/sectors/sector.cfm?secto... www.fitchratings.com/corporate/sectors/sector.cfm?sector_flag=10&marketsector=1&body_content=about
Since it is not backed by collateral, only firms with excellent credit ratings from a recognized rating agency will be able to sell their commercial paper
en.wikipedia.org/wiki/Commercial_paper en.wikipedia.org/wiki/Commercial_paper
[bn:WBTKR=MCO:US] Moody's Corp. [], owner of the second- largest credit-rating company, may have its commercial paper ranking cut by its bigger competitor Standard & Poor's. An A-1 rating on commercial paper, debt maturing in nine months or less, is the second highest at S&P. Moody's gives McGraw-Hill its highest short...
www.bloomberg.com/apps/news?pid=newsarchive&sid=a6IUhwi... www.bloomberg.com/apps/news?pid=newsarchive&sid=a6IUhwiGVuEQ
Commercial paper rating models. - Commercial Paper Rating Models Abstract This paper extends previous wo : Encyclopedia.com.
www.encyclopedia.com/doc/1G1-9355211.html
A Standard & Poor's issue credit rating is a current opinion of the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium term note programs and commercial paper programs).
www.stern.nyu.edu/~igiddy/ABS/sandpratings.htm www.stern.nyu.edu/~igiddy/ABS/sandpratings.htm
Cenovus Energy Inc.: DBRS Finalizes Rating of Cenovus Energy Inc. at A (low), Stable Trend 30 Nov 09 DBRS Increases ABCP Transparency in Monthly Commercial Paper Issuers Report 14 Oct 09...
www.dbrs.com/
-- ICICI Bank's U.S. commercial paper program assigned 'A-1' short-term rating. -- The short-term rating is equivalent to that on BofA, which supports the program with a letter of credit. -- The papers will rank pari passu with all ICICI Bank's unsecured and unsubordinated obligations.
www.alacrastore.com/research/s-and-p-credit-research-IC... www.alacrastore.com/research/s-and-p-credit-research-ICICI_Bank_US_160_Million_U_S_Commercial_Paper_Program_Assigned_A_1_Rating-738693