DBRS has updated its rating criteria for asset-backed commercial paper(ABCP)and has adopted a global liquidity standard.

The credit rating agency says the new standard “removes any requirement for a market disruption as a condition precedent to funding.”

The market for non-bank ABCP nearly collapsed last month in the wake of a global credit crunch.

DBRS will be conducting reviews of all liquidity support agreements for the Canadian ABCP programs it rates and expects to have completed these reviews with conduit sponsors by the end of the year.

To read Crawford to Head ABCP Committee, click here.

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