Bangkok--10 Jul--Standard & Poor's Standard & Poor's new commercial paper (CP) outlook entitled "U.S. Commercial Paper Outlook: ABCP Leads The Way," states that U.S. CP issuance has grown vigorously, posting 27 straight months of double-digit year-over-year growth. Total CP outstanding was $2.1 trillion on June 22, 2007, a 1% gain over last quarter and a 20% increase over June of 2006. Asset-backed commercial paper (ABCP), which reached $1.14 trillion in June (53.7% of the CP market), has fueled the growth. "The continued trend toward securitization implies that the ABCP has room to grow," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. Financial CP reached $788 billion, up from $757 billion at the end of 2006, while nonfinancial CP almost hit $200 billion, up $30 billion from December 2006. "We expect to see continued growth in the CP market over the next few years, with total CP projected to grow at 18% for 2007 and 21.7% in 2008," added Ms. Vazza. The report is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-9823 or sending an e-mail to [email protected]. Ratings information can also be found on Standard & Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Find a Rating, then Credit Ratings Search. Members of the media may request a copy of this report by contacting the media representative provided. Media contact: Mimi Barker, New York (1) 212-438-5054 [email protected]