Moody’s Investors Service has published 17 Liquidity Risk Assessments (LRAs) for Australian and New Zealand issuers of commercial paper (CP). The release of the LRAs follows the publication of over 300 LRAs for major issuers of US CP in March 2002. An LRA is a description and analysis of a CP issuer’s liquidity position. It addresses the question: ‘How would the issuer be able to cope with an abrupt loss of access to the capital and credit markets as a result of an adverse name-specific event?’ For each issuer, the assessment considers the relationship between the company’s one-year proforma short term sources and uses of funds, and includes an analysis of overall reliance on short term funding, on-balance sheet liquidity, and alternate liquidity. Moody’s says that none of its ratings on the Australian and New Zealand CP issuers has changed as a result of the release of the LRAs. All CP issuers covered by the LRAs are rated Prime by Moody’s for short term obligations. (A Prime rating represents Moody’s opinion that the issuer so rated will have sufficient access to liquidity to meet all of its short-term senior debt obligations).
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