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Enron Mail |
Just talked with Kochel. He was expecting a bounce in our stock on funds co=
vering their shorts. I don't know if I agree after this. Bill -----Original Message----- From: =09Porter, David V. =20 Sent:=09Monday, October 29, 2001 8:40 AM To:=09Slinger, Ryan; Williams III, Bill Subject:=09Downgrade! =09Top Financial News 10/29 11:09 Enron Credit Rating Cut by Moody's; CP= Rating on Review By Mark Pittman New York, Oct. 29 (Bloomberg) -- Enron C= orp.'s credit rating was cut by Moody's Investors Service after the largest= energy trader's shares fell by almost half last week. Moody's also said it= may downgrade Enron's commercial-paper rating. Enron reported $1.01 billi= on in losses this month from investments outside its business of trading co= mmodities such as electricity and natural gas. Chief Financial Officer Andr= ew Fastow quit as the U.S. Securities and Exchange Commission asked for inf= ormation about transactions he conducted for partnerships he headed. Moody= 's lowered the senior unsecured long-term debt ratings of Enron from ``Baa1= '' to ``Baa2.'' The ratings company said they may be lowered further. Moody= 's placed the company's ``P-2'' rating for commercial paper on review for d= owngrade. Moody's placed Enron's long-term debt ratings on review on Oct. 1= 6. Moody's rates Enron's unsecured debt as ``Baa1,'' the third- lowest inv= estment grade. Enron's long-term credit ratings outlook was changed last w= eek to negative from stable by Standard & Poor's. S&P affirmed the Houston-= based company's rating of ``BBB+'' which is investment grade. Shares of En= ron fell as much as $1.85, or 12 percent, to $13.55. <http://bloomberg.t= veyes.com/< <http://bloomberg.tveyes.com/<;=09 ?2001 Bloomberg L.P. All rights reserved. Terms of Service <http://www.bloo= mberg.com/tos.html<, Privacy Policy <http://www.bloomberg.com/privacy.html<;= and Trademarks <http://www.bloomberg.com/trademarks.html<;.=20 <Embedded Picture (Metafile)< <Embedded Picture (Metafile)<
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