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
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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