If whatever doesn't kill you makes you stronger, the ABCP market must be benching twice its weight by now, having dealt with WorldCom and Budget Group all in the same week, with barely a blip in spreads and nary a threat to investors, according to ABCP sources and the rating agencies.

And these are just the most recent issues the market has dealt with and emerged from relatively unscathed. Another issue, for example, was the complex Ponzi-like receivables fraud deal that showed up in PNC Bank's Market Street Funding, yet was funded out entirely almost immediately.

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