Message-ID: <22003651.1075852769875.JavaMail.evans@thyme> Date: Mon, 29 Oct 2001 12:11:42 -0800 (PST) From: rebecca.quenet@eds.com To: joe.quenet@enron.com Subject: Moody's Investors Service downgrads Enron Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: "Quenet, Rebecca" @ENRON X-To: Quenet, Joe X-cc: X-bcc: X-Folder: \JQUENET (Non-Privileged)\Deleted Items X-Origin: Quenet-J X-FileName: JQUENET (Non-Privileged).pst Moody's Investors Service downgraded Enron Corp.'s long-term debt by one notch this morning, a move sure to hamper the company's efforts to restore investor and client confidence. Shares of Enron fell to seven-year lows this morning, losing $1.51 to trade at $13.89 in mid-day trading. In the past two weeks the stock has lost more than half its value, dropping from as high as $35 at the beginning of October. Enron's rating was lowered by the bond rating firm from Baa1 to Baa2, where it will remain on review for further downgrade, Moody's said in a statement. The firm also placed the Houston company's Prime-2 rating for commercial paper on review for downgrade. The Baa2 rating is just two notches above what is commonly called "junk bonds."