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GL'1~ .;J~~1bJ r, UZ

From:	WhltlocK John
Sent:	Wednesday, October 10, 2001 5:59 PM
To:	Bilardello, John; BarDne, Ronald
Cc:	Shipman, Todd
Subject:	Enron Call

RB&JB:

Just as FYI, Todd and I spent about 45 minutes with Ben Glissan of Enron discussing several adverse
developments that are about to hit the market. Todd has done a good of teeing Glissan and Despain into the
high potential that the outlook may be revised to negative very soon. Glissan seemed calm and measured ani
understood the reasoning for the negative (concerns about financial flexibility, $2 billion write-off - $1 billion of
of thin air) and wanted to know what they need to do to maintain ratings and establish a gameplan.

We don't know what Fastow will say (in case he calls JB or RB)

Todd is targeting a rating committee for this Friday.



  Director
Utilities., Energy and Project Finance
Standard & Poor's
  55 Water Street, 38th Floor
New York, NY 10041
Phone: (212) 438-7678
is Fax: (212) 438-2154
  john whitlock@sandp.com
www.standardandpoors.corn/forum/MarketAnalysis/CatifamiaEnergy[index.htmi



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