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First-Class Paper
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

Gilt-edged or prime paper made or endorsed by concerns which enjoy a nationwide reputation for their products, financial responsibility, and credit standing, as distinguished from second- and third-class paper endorsed by companies not so well known and with less financial responsibility.  This term is used primarily in connection with commercial paper marketed by commercial paper dealers.

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