S&P threatened publicly yesterday that unless the PUC acts decisively today 
to fix the utilities' cash flow issue, they will significantly downgrade 
California's IOUs.  I assume that's in the WSJ article Rick referenced.  As 
Rick said, more info to come in a few hours.



	Mark Schroeder@ECT
	12/21/2000 08:31 AM
		
		 To: Richard Shapiro/NA/Enron@ENRON
		 cc: Jeff Dasovich/NA/Enron@Enron, John Sherriff/LON/ECT@ECT, Bryan 
Seyfried/LON/ECT@ECT, Markus Fiala/LON/ECT@ECT
		 Subject: Re: California credit issues

Thanks.  I inferred from John that we may not be able to get or use 
information from our own credit people for our market making activities, that 
is why he is looking for info in the (reasonably) public domain.  mcs 



Richard Shapiro@ENRON
21/12/2000 14:24
To: Mark Schroeder/LON/ECT@ECT
cc: Jeff Dasovich/NA/Enron@Enron@ECT, John Sherriff/LON/ECT@ECT, Bryan 
Seyfried/LON/ECT@ECT 

Subject: Re: California credit issues  

Check out WSJ- Page A2. Also,Bill Bradford in Rick buy's group is person 
most  proficient on credit issues relative to the three calif. utilities. I 
will also get back to you this afternoon........The CPUC is scheduled to 
issue orders today at 12:00 CST that may dramatically affect credit ratings 
of the 3 utilities. 



Mark Schroeder@ECT
12/21/2000 08:13 AM
To: Richard Shapiro/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron
cc: John Sherriff/LON/ECT@ECT, Bryan Seyfried/LON/ECT@ECT 

Subject: California credit issues

Rick/Jeff - I just spoke with John Sherriff and mentioned to him how on top 
of California you guys were.  As you may be aware, we are making markets in 
the credit of many utilities and telcomm companies, via EnronCredit.com.  
Brian Seyfried is the commercial leader for this business.  John has asked me 
to ask you, if you become aware of significant developments, in the public 
sector (not privileged/insider information), bearing on 
creditworthiness/ability to pay by California utilities, would you please 
keep us informed, as we will have a keen interest in these developments?  
Please forward to this to any others on your team(s) you think appropriate.   
thanks   mcs