Last week in Japan, Standard & Poor's introduced its joint probability approach to bank liquidity support for ABCP conduits, allowing a duo of A-2' or A-3' rated Japanese banks to provide liquidity support at the A-1' level.

U.S. market participants are hoping this credit view is brought to the U.S. marketplace, as, in the past few years, the universe of potential A-1' rated liquidity providers has contracted substantially - the result of industry consolidation and credit deterioration.

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