Letters of credit (L/Cs) rank second in the list of financial products and services most used by US-based chief financial officers (CFOs) in US manufacturing firms according to a recent survey.

The survey commissioned by Bank of America Business Capital also found the CFOs optimistic about business prospects in 2008, despite mounting economic concerns.

Top products

Cash management topped the list of financial products and services. It was included in 59 per cent of lists submitted by the CFO's surveyed while L/Cs were included in 54 per cent of the lists.

Foreign exchange and retirement plan services, included in 37 per cent and 36 per cent of lists respectively, were the next most used products and services according to the survey.

Optimism

Seven out of ten manufacturing CFOs said they expected their company's revenues to increase in 2008 while 45 per cent anticipated increased profit margins next year.

Conducted by Granite Research Consulting from August through early October 2007, the survey canvassed CFOs from 600 mid-size and large manufacturers with revenues ranging from US$25 million to US$2 billion.

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