Fitch Ratings has released a new report examining conditions in the US non-financial commercial paper (CP) market, focusing on volume and rating activity. The resilient US economy and accompanying strong credit environment provided for meaningful volume gains in the CP market during the first three quarters of 2005. According to Federal Reserve Board data, outstanding US non-financial CP totaled $134.7bn at the end of September 2005, up 10 per cent year-over-year. In addition, the most recent data available from the Federal Reserve suggests that US non-financial CP volumes had moved even higher in the fourth quarter: by mid-November weekly outstanding totals had reached $167bn, up 26 per cent year-over-year. Non-financial CP may in fact end 2005 at the highest level in four years.
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