Fitch's credit outlook for global ABCP in 2011 remains stable, consistent with the outlooks for the global financial institutions that act as liquidity and credit enhancement providers to ABCP programmes. ABCP rating actions - if taken - will most likely reflect the health of sponsors, support providers and other relevant counterparties.

The agency expects to see a continuation of trends in the global ABCP marketplace consistent with those witnessed since the outset of the credit crisis, including investor migration towards traditional multi-seller programmes sponsored by highly-rated financial institutions, and the continued improvement of the credit quality of underlying portfolios. The primary focus this year will be on evaluating the strength of the economy and the impact of the potential impact of recent banking and financial institution regulatory changes, it says.