S&P states over $3 billion of credit derivatives written on Enron

Enron appears in 50 contracts globally as a reference entity or reference obligation in pooled credit derivatives transactions, said S&P. But Nik Khakee, director of the agency’s structured finance derivatives group, added: “Enron is not only a source of credit risk in derivatives transactions, it is a source of risk to derivatives transactions, as it could possibly cause termination events in swaps that Enron has contracted.”

The rating agency said Enron began acting as the counterparty in swap

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