Message-ID: <33333548.1075842235639.JavaMail.evans@thyme> Date: Thu, 8 Mar 2001 00:18:00 -0800 (PST) From: tracy.ngo@enron.com To: shari.stack@enron.com, carol.clair@enron.com, dan.hyvl@enron.com Subject: SMUD Debt Rating Further Clarified Cc: edward.sacks@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: edward.sacks@enron.com X-From: Tracy Ngo X-To: Shari Stack, Carol St Clair, Dan J Hyvl X-cc: Edward Sacks X-bcc: X-Folder: \Dan_Hyvl_Dec2000_June2001\Notes Folders\All documents X-Origin: HYVL-D X-FileName: dhyvl.nsf Please use the following debt measurement for the Physical Power, ISDA, and Enfolio Master Firm contracts for SMUD: MAC occurs if any of the following occurs: (1) uninsured, Electric Revenue Bonds are rated below BBB- or are no longer rated by S&P (2) SPUR (underlying rating) of any Electric Revenue Bonds below BBB- Provision 2 above does not need to have the additional clause of "or is no longer rated by S&P". Please call w/any questions. Thanks, Tracy 503-464-8755