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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Second_Titan who wrote (4987)	11/9/2001 8:56:47 AM
From: kollmhn	Read Replies (2) of 206223

Is this the beginning of the end for ENE?: Houston, Nov. 9 (Bloomberg) -- Dynegy Inc.'s plan to buy rival energy trader Enron Corp. has stalled pending a credit review by Moody's Investors Service, people familiar with the talks said. Dynegy will probably walk away if Enron receives a ``junk'' credit rating, the people said. The proposed takeover, for about $8 billion in stock, hit a snag because of the threat of a downgrade that would trigger a cash crisis by forcing Enron to repay $3.3 billion of bonds early. Moody's and Standard & Poor's are considering lowering their ratings, which are two levels above junk. A rating below investment-grade would make it ``difficult if not impossible to raise new debt and would severely hamper their ability to trade,'' Jefferies & Co. energy analyst Paul Fremont said. Fremont doesn't have a rating on Enron's stock or bonds. Enron shares slid 39 cents to $8.02 in Germany. Enron spokesman Mark Palmer declined to comment. Dynegy spokesman John Souza declined to comment on the possibility of a downgrade by Moody's. Souza said talks with Enron on an acquisition were continuing. Etc.........

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