And then there were three. Asset-backed commercial paper (ABCP) markets are used to constantly churning short-term debt, but risk-wary investors recently changed that for markets in the U.S. and Canada. Now, it seems that the European ABCP market is beginning to feel the effects of the short-term debt liquidity slowdown.

Last weekend, Moody's Investors Service downgrade the P-1 rating of ABCP notes issued from Golden Key Ltd., and Golden Key U.S., LLC, which issue Euro CP and U.S. CP, respectively.

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