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To: yard_man who wrote (51699)	12/27/2000 5:37:21 PM
From: patron_anejo_por_favor	Respond to of 436258

Tip-I don't think that the problem (of SoCalEd or PG&E credit unworthiness) is a generalized thing necessarily within utilities as a group...but it is severe enough to cause problems for the counterparties at risk, MBI and ABK. The problem is that during a recession, credit issues are never really isolated since a relatively small number of creditors hold the lion's share of the bad paper, so that bad credit begets more bad credit, and default begets more default. This is only the tip of the iceberg.