S&P Lwrs Enron Crdt Linked Nts Trs Rtgs; On Watch Neg

OUTSTANDING RATINGS LOWERED AND PLACED ON CREDITWATCH NEGATIVE

Enron Credit Linked Notes Trust
US$500 million credit linked notes

               Rating
        To              From
Notes   BBB/Watch Neg   BBB+

Enron Credit Linked Notes Trust II
US$500 million credit linked notes

              Rating
        To               From
Notes   BBB/Watch Neg    BBB+

Enron Euro Credit Linked Notes Trust
EUR200 million credit linked notes

                Rating
         To               From
Notes    BBB/Watch Neg    BBB+

Enron Sterling Credit Linked Notes Trust
GBP125 million credit linked notes

               Rating
         To              From
Notes    BBB/Watch Neg   BBB+