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is backed by bank lines of credit

English translation: banks have agreed to grant the company cedit to cover some of its debt.

03:25 Aug 19, 2009
English language (monolingual) [PRO]
Bus/Financial - Investment / Securities
English term or phrase: is backed by bank lines of credit
They can work only with what they have, however, and external facts changed by the hour during the unfurling of the U.S. financial crisis, when credit markets seized and the price of commercial paper soared, a key factor for GE since the company fairly often holds as much as $100 billion or more of short-term debt, though some of it is backed by bank lines of credit.
Shirley Fan
Local time: 07:06
Selected answer:banks have agreed to grant the company cedit to cover some of its debt.
Explanation:
*

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Note added at 4 hrs (2009-08-19 07:53:19 GMT)
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For "cedit" read "credit".
Selected response from:

Jack Doughty
United Kingdom
Local time: 00:06
Grading comment
Selected automatically based on peer agreement.
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
4 +5banks have agreed to grant the company cedit to cover some of its debt.
Jack Doughty


  

Answers


1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +5
banks have agreed to grant the company cedit to cover some of its debt.


Explanation:
*

--------------------------------------------------
Note added at 4 hrs (2009-08-19 07:53:19 GMT)
--------------------------------------------------

For "cedit" read "credit".

Jack Doughty
United Kingdom
Local time: 00:06
Native speaker of: English
PRO pts in category: 16
Grading comment
Selected automatically based on peer agreement.

Peer comments on this answer (and responses from the answerer)
agree  Demi Ebrite
1 hr
  -> Thank you.
agree  Rolf Keiser
2 hrs
  -> Thank you.
agree  George C.
7 hrs
  -> Thank you.
agree  Judith Hehir
11 hrs
  -> Thank you.
agree  Phong Le
20 hrs
  -> Thank you.
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