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To: Gary Korn who wrote (3802)	5/1/1998 5:35:00 PM
From: Oeconomicus	Read Replies (1) \| Respond to of 164684

Gary, unregistered debt can be sold here as well, in the private placement market. Liquidity is almost nil though. Whether US insurance companies that are the typical buyers of private placements would touch this is another issue. I'm pretty sure you can sell registered but unrated paper too. Did the press releases say "off-shore" or did we imagine it? BTW, there are fees associated with getting a rating and S&P and Moody's are the most expensive. But since they couldn't get even a "near investment grade" rating anyway, why bother? Bob