This could be the big week when Moody's Investors Service  goes after the credit ratings of global capital market  banks. On the chopping block are 17 global banks, including JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley.

The downgrades of global bank ratings would essentially  eliminate appetite for asset backed commercial paper tied to those ratings.  Many of the users today of ABCP are European banks, said one market source who declined to be named . "If Moody's downgrades me by the end of the week and I go from 'P1' to 'P2', I will go out of business," he said.

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