U.S. commercial paper mkt struggled in '02-Moody's

Newswire

By Dena Aubin NEW YORK, Jan 24 (Reuters) - Corporate America's use of secured commercial paper shrank last year for the first time, hurt by a weak economy and worries about stiffer accounting rules, Moody's Investors Service said on Friday. U.S. asset-backed commercial paper outstanding fell 2.6 percent to $726 billion at the end of 2002 from $745 billion the year before, Moody's said. "After more than a decade of exuberant growth, 2002 was a full-blown mid-life crisis for a suddenly ...

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