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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Lucretius who wrote (136682)	12/2/2001 7:03:11 PM
From: Les H	Read Replies (2) of 436258

Enron derivative exposure $6.3 billion - S&P Standard and Poor's Corp said derivatives contracts totalling an estimated $6.3 billion may be at risk from Enron Corp's threatened bankruptcy. Direct credit exposure from its own derivatives deals could total $3.0 billion, the rating agency said in a statement. The fate of Enron also presents a risk to about $3.3 billion of other companies' derivatives deals in which it acted as the reference entity, meaning the contract was based on its credit. "Standard and Poor's is currently reviewing all transactions in which Enron is a named reference entity for possible rating actions," said Nik Khakee, director of Standard and Poor's structured finance derivatives group. Enron's own derivatives trading appeared unusually large, he noted in the statement. "The notional amount of three billion dollars relative to Enron represents a larger percentage of overall rated credit derivative transactions than would be expected of an entity that is not a traditional broker-dealer, investment bank, or insurer," he said.

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