Rating Agency Talking Points

The attached memorandum outlines the main points discussed with Standard &
Poors and Moody's rating analysts last Thursday. As a result of the
discussions, both S&P and Moody's will be affirming their ratings.

Please let me know if you have any questions or need additional information.

Tim

----- Forwarded by Tim DeSpain/HOU/ECT on 10/31/2000 08:18 AM -----

Tim DeSpain
10/25/2000 04:57 PM

To: J Mark Metts/NA/Enron@Enron, Lance Schuler-Legal/HOU/ECT@ECT
cc:
Subject: Rating Agency Talking Points

Please see attached revision pursuant to our meeting earlier today. Let me
know if you have any questions or comments.

Tim