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The majority of this $20.1 billion (around $18 billion) is comprised of A-1 and A-2 paper, which qualify as investment grade, according to the report. A list of ratings agencies grading the commercial paper wasn’t specified other than, “Standard & Poor’s ratings, or equivalent ratings by Moody’s, Fitch or other nationally recognized statistical rating organizations” in the footnotes. The geographic location of the commercial paper issuers was also not found in the report.
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