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To: craig crawford who wrote (358)	6/27/2001 1:20:17 PM
From: craig crawford	Read Replies (1) \| Respond to of 1643

Moody's disappointed at India's stalled reform theage.com.au By GAUTAM CHAKRAVORTHY MUMBAI Wednesday 27 June 2001 India must step up sales of state assets and trim its budget deficit to avoid a downgrade in the outlook for its debt, says Kristin Lindow, vice-president and India analyst at Moody's Investors Service. "We are disappointed and would like to see urgency in completing the economic reform process," Ms Lindow said yesterday. "Our positive outlook on India is getting to a point where we are wondering whether we shouldn't change it." .................................................................................................... Ms Lindow is also concerned about a dispute between the Maharashtra State Electricity Board and Enron Corp, the country's biggest foreign investor, which built a $3 billion power plant. The dispute is widely seen as a litmus test for foreign investment in India. The state electricity board has refused to pay three billion rupees for power supplied by Enron's local unit, Dhabol Power Co. And India hasn't delivered on guarantees to pay for the power.