Please find the analysis for Ontario.  I would like to highlight Guillermo's conclusion.  To quote "As a BBB rated company, Enron should have been provided an allowable reduction in prudential support of $5 million.  According to the market rules (section 5.8.2), the announcement of being placed on "credit watch" would result in Enron being automatically downgraded to below BBB, which means that Enron no longer qualifies for an allowable reduction. Enron would need to replace the $5 million with additional prudential support within five business days."  

Please let me know if you have any question. 

Brgrds

AI
713-853-3037

 -----Original Message-----
From: 	Canovas, Guillermo  
Sent:	Friday, November 02, 2001 5:15 PM
To:	Hemstock, Robert; Ibrahim, Amr
Subject:	Ontario credit policy