Just talked with Kochel. He was expecting a bounce in our stock on funds covering their shorts. I don't know if I agree after this.

Bill

 -----Original Message-----
From: 	Porter, David V.  
Sent:	Monday, October 29, 2001 8:40 AM
To:	Slinger, Ryan; Williams III, Bill
Subject:	Downgrade!

	Top 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 Corp.'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 billion in losses this month from investments outside its business of trading commodities such as electricity and natural gas. Chief Financial Officer Andrew Fastow quit as the U.S. Securities and Exchange Commission asked for information 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 downgrade. Moody's placed Enron's long-term debt ratings on review on Oct. 16.  Moody's rates Enron's unsecured debt as ``Baa1,'' the third- lowest investment grade.  Enron's long-term credit ratings outlook was changed last week 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 Enron fell as much as $1.85, or 12 percent, to $13.55.    <http://bloomberg.tveyes.com/>  <http://bloomberg.tveyes.com/>	
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