Enron collapse a test, not threat, to credit market

Enron’s December 2 Chapter 11 filing was the largest corporate bankruptcy in US history. Estimates of total notional credit exposure to the Houston-based trading giant range from Standard & Poor’s (S&P) $3.3 billion to educated guesses by market participants that run to several times that amount.

But as the total value of credit derivatives relating to Enron, either as a reference entity or counterparty, is slowly revealed, the overriding market sentiment seems to be one of relief. “Rather than

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