It will be difficult to understand the impact of our credit decline on a per transaction basis.  It is probably sufficient to communicate with the Credit department (under Bill Bradford) for wholesale and the EWS Services Group (under Evan Hughes) for retail.

I spoke with Evan Hughes and he is going to have CSC run a report of the tariff obligations.  He will send the info to me and I'll forward to Amr Ibrahim.

Thanks.

 -----Original Message-----
From: 	Ibrahim, Amr  
Sent:	Tuesday, October 30, 2001 4:01 PM
To:	Shapiro, Richard
Cc:	Kingerski, Harry; Steffes, James D.; Gottfredson, Bryan; Levy, Alberto; Canovas, Guillermo
Subject:	Risk Analytics Issues

Rick:  
As per the discussion this morning, Risk Analytics is currently taking the first pass at our activities to determine if there is any change in the risk exposure that we ought to mitigate.  This may take several days, but perhaps the most pressing one at the moment is the impact of the change in credit rating on the normal business practices including participation in markets, and the cost of transacting in these markets (in case that a financial instrument guarantee is now needed rather than the prerequisite credit rating).  More specifically: 

1.	Credit rating concerns at the wholesale level:  Examples include guarantees of participation in different ISOs and access to transmission systems.
2.	Credit rating concerns at the retail level: Examples include licensing and registration perquisites to market power in the service territory of a distribution company.

I shall keep you posted with progress and with resulting action items.  Of course, please let me know if you have any question/advice.

Brgrds

AI