Spreadsheet: rick_buy__32759__Sovereign Bonds_240801
Sheet: Country Risk Rating May 2001

 | Enron Risk Assessment and Control Country Risk Ratings Summary - May 2001
 | Country Name | Currency | Code | E-Rating * | E Rating 1-12 | Change |  | OPIC | S&P  /  Moody's | S&P/ Moody's | S&P Outlook | [NAME] |  | Euromoney |  | EIU |  |  |  | Institutional Investor |  |  |  | Int.Country Risk Guide |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Business Risk (BR) |  | IMF FX
 |  |  |  |  |  |  |  |  |  |  |  |  |  | Score | Rank | Rating | Score | Score | Change | Rank | Score | Score Dec 00 | 6-month change | Pol. | Fin. | Eco. | Short-Term |  |  | Long-Term |  |  | Short-Term |  |  | Long-Term |  |  | 1-10 |  | Arrangement
 |  |  |  | 2001-05-01 00:00:00 | 2000-12-31 00:00:00 |  |  |  | 2001-05-17 00:00:00 | 2000-12-01 00:00:00 | 2001-04-24 00:00:00 | 2000-12-22 00:00:00 | 2001-05-17 00:00:00 | 2001-03-01 00:00:00 |  | 4Q 00 |  | 3Q 00 |  | 2001-03-01 00:00:00 |  |  |  | March. 01 |  |  | [NAME] | Direct Investment | Export Market | [NAME] | Direct Investment | Export Market | [NAME] | Direct Investment | Export Market | [NAME] | Direct Investment | Export Market | Short-Term | Long-Term | 2001-05-01 00:00:00
 | Argentina | Peso | ARS | 9 | 9 |  |  | Y | B/B2 | BB-/B1 | Stable | BB | [NAME] | 53.18 | 66 |  | 50 | 53 |  | 68 | 39.8 | 45.8 |  | 72 | 28.5 | 38 | [NAME] | [NAME] | B- | [NAME] | B | [NAME] |  |  |  |  |  |  |  |  | Peg to USD
 | Australia | Dollar | AUD | 1 | 1 |  |  | N | AA+/Aa2 | AA+/Aa2 | Stable | AA | AA | 87.77 | 19 |  | 26 | 27 |  | 21 | 79 | 82.1 |  | 87.5 | 33 | 39.5 | B | [NAME] | [NAME] | A | A | A |  |  |  |  |  |  |  |  | Indep. Float
 | Austria | Schilling/Euro | ATS | 1 | 1 |  |  | N | AAA/Aaa | AAA/Aaa | Stable | AAA | AAA | 93.81 | 10 |  | * | * |  | 9 | 89.5 | 87.1 |  | 85.5 | 42 | 40.5 | A+ | A | A | A | A | A- |  |  |  |  |  |  |  |  | Peg to Euro
 | Bolivia | Boliviano | BOP | 9 | 9 |  |  | Y | B+/B1 | B+/B1 | Stable | * | * | 42.3 | 81 |  | 52 | 51 |  | 84 | 29 | 28.6 |  | 70 | 35 | 33 | [NAME] | A | B- | C- | B | C |  |  |  |  |  |  |  |  | Crawling peg
 | Brazil | Real | BRL | 9 | 8 |  |  | Y | BB-/B1 | B+/B1 | Stable | BB- | BB- | 53.37 | 64 |  | 52 | 56 |  | 63 | 43.7 | 45 |  | 62 | 29.5 | 35.5 | C+ | [NAME] | B | B | [NAME] | B |  |  |  |  |  |  |  |  | Indep. Float
 | Bulgaria | [NAME] | BGL | 9 | 9 |  |  | Y | B+/B2 | B+/B2 | Positive | [NAME] | [NAME] | 46.32 | 76 |  | 43 | 45 |  | 74 | 35 | 37.1 |  | 65.5 | 35.5 | 35 | A | A+ | A+ | [NAME] | A | [NAME] |  |  |  |  |  |  |  |  | Peg to DM
 | Canada | Can. Dollar | CAD | 1 | 1 |  |  | N | AA+/Aa1 | AA+/Aa1 | Stable | AA | AA+ | 90.95 | 15 |  | 20 | 20 |  | 10 | 88.2 | 89.6 |  | 88 | 39 | 40.5 | A | A+ | A | A- | A+ | A |  |  |  |  |  |  |  |  | Indep. Float
 | China | Yuan (Renminbi) | CNY | 6 | 7 |  |  | N | BBB/A3 | BBB/A3 | Stable | A- | A- | 62.99 | 46 |  | 40 | 39 |  | 40 | 58.6 | 60.6 |  | 63 | 45.5 | 39 | C+ | B | B- | B | B- | B- |  |  |  |  |  |  |  |  | Peg to Composite
 | Colombia | Peso | COP | 8 | 8 |  |  | Y | BB/Ba2 | BB/Ba2 | Negative | BB+ | BB+ | 50.84 | 70 |  | 55 | 54 |  | 67 | 40.5 | 44 |  | 46 | 37 | 34.5 | A- | B | B- | C | B- | C+ |  |  |  |  |  |  |  |  | Indep. Float
 | Croatia | Kuna | HRK | 5 | 5 |  |  | Y | BBB-/Baa3 | BBB-/Baa3 | Stable | BB+ | BB+ | 55.52 | 55 |  | 47 | 54 |  | 65 | 43.2 | 45.8 |  | 71 | 37.5 | 36.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Managed float
 | Cyprus | [NAME] | CYP | 3 | 3 |  |  | Y | A/A2 | A/A2 | Stable | * | * | 75.92 | 30 |  | 43 | 46 |  | 42 | 57 | 61.1 |  | 74 | 43 | 39.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Peg to Euro
 | Czech Republic | Koruna | CZK | 4 | 4 |  |  | Y | A-/Baa1 | A-/Baa1 | Stable | BBB+ | BBB+ | 64.2 | 41 |  | 33 | 32 |  | 35 | 60.7 | 60.9 |  | 74 | 39 | 34.5 | [NAME] | A- | A- | [NAME] | A | [NAME] |  |  |  |  |  |  |  |  | Managed float
 | Dominican Republic | Peso | DOP | 12 | 12 |  |  | Y | B+/B1 | B+/B1 | Stable | * | * | 43.87 | 80 |  | 46 | 48 |  | 76 | 34.3 | 37 |  | 72 | 37 | 36 | B | B | B- | C+ | B | B- |  |  |  |  |  |  |  |  | Managed float
 | Estonia | [NAME] | EEK | 4 | 4 |  |  | Y | BBB+/Baa1 | BBB+/Baa1 | Positive | BBB | BBB+ | 63.75 | 44 |  | 30 | 35 |  | 47 | 53.2 | 55.1 |  | 77 | 37 | 38.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Peg to DM
 | Germany | Mark/Euro | DEM | 1 | 1 |  |  | N | AAA/Aaa | AAA/Aaa | Stable | AAA | AAA | 94.41 | 6 |  | * | * |  | 2 | 94 | 94.6 |  | 88 | 39 | 41 | A- | A- | A- | [NAME] | A | [NAME] |  |  |  |  |  |  |  |  | Peg to Euro
 | Greece | Drachma/Euro | GRD | 3 | 3 |  |  | Y | A/A2 | A-/A2 | Positive | A- | A- | 82.35 | 25 |  | 28 | 30 |  | 25 | 71.2 | 70 |  | 80 | 33 | 40 | [NAME] | [NAME] | [NAME] | [NAME] | [NAME] | A- |  |  |  |  |  |  |  |  | Peg to Euro
 | Guatemala | Quetzal | GTQ | 7 | 7 |  |  | Y | */Ba2 | */Ba2 | Stable | * | * | 45.2 | 78 |  | 57 | 57 |  | 78 | 32.6 | 37.1 |  | 64 | 40 | 35 | A- | [NAME] | [NAME] | C+ | B- | C+ |  |  |  |  |  |  |  |  | Managed float
 | Hungary | Forint | HUF | 3 | 3 |  |  | Y | A-/A3 | BBB+/A3 | Stable | A- | A- | 72.07 | 32 |  | 35 | 36 |  | 36 | 60.2 | 64.9 |  | 75 | 37.5 | 36.5 | A | A | A- | A- | A- | [NAME] |  |  |  |  |  |  |  |  | Crawling band
 | India | Rupee | INR | 8 | 8 |  |  | Y | BB/Ba2 | BB/Ba2 | Stable | BB+ | BB+ | 54.71 | 57 |  | 42 | 42 |  | 55 | 47.7 | 51.5 |  | 54 | 40 | 34 | B | B | C | C+ | B- | C+ |  |  |  |  |  |  |  |  | Indep. Float
 | Indonesia | Rupiah | IDR | 11 | 11 |  |  | Y | CCC+/B3 | B-/B3 | Negative | B- | B- | 36.38 | 99 |  | 62 | 63 |  | 96 | 25.1 | 27.4 |  | 2.5 | 30 | 35 | [NAME] | B- | C- | C | C+ | C |  |  |  |  |  |  |  |  | Indep. Float
 | Italy | Lira/Euro | ITL | 2 | 2 |  |  | N | AA/Aa3 | AA/Aa3 | Stable | AA- | AA- | 88.45 | 18 |  | 22 | 21 |  | 19 | 84.2 | 84.2 |  | 80 | 39 | 40.5 | A | A- | A | A- | B | B |  |  |  |  |  |  |  |  | Peg to Euro
 | Jamaica | Dollar | JMD | 9 | 9 |  |  | Y | B+/Ba3 | B/Ba3 | Positive | * | * | 39.32 | 89 |  | 64 | 64 |  | 87 | 28.5 | 33.8 |  | 74 | 35 | 32.5 | B | [NAME] | [NAME] | B- | B- | C+ |  |  |  |  |  |  |  |  | Managed float
 | Japan | Yen | [NAME] | 2 | 1 |  |  | N | AA+/Aa1 | AAA/Aa1 | Stable | AA+ | AA+ | 90.58 | 16 |  | 10 | 10 |  | 13 | 87.2 | 87.7 |  | 80 | 48 | 39 | A | A- | A | A+ | A | A |  |  |  |  |  |  |  |  | Indep. Float
 | Kazakhstan | Tenge | KTS | 9 | 10 |  |  | Y | BB/B1 | BB-/B1 | Stable | BB- | BB- | 47.26 | 74 |  | 46 | 51 |  | 79 | 32.4 | 34.4 |  | 68 | 39 | 37 | B- | [NAME] | B- | B- | B | C+ |  |  |  |  |  |  |  |  | Indep. Float
 | Korea, South | Won | KRW | 4 | 4 |  |  | Y | BBB/Baa2 | BBB/Baa2 | Positive | BBB+ | BBB+ | 62.53 | 47 |  | 29 | 26 |  | 33 | 62.4 | 63.3 |  | 75.5 | 39 | 44.5 | [NAME] | [NAME] | [NAME] | [NAME] | A- | [NAME] |  |  |  |  |  |  |  |  | Indep. Float
 | Latvia | Lats | LVR | 4 | 4 |  |  | Y | BBB/Baa2 | BBB/Baa2 | Stable | BBB | BBB | 54.48 | 61 |  | 50 | 50 |  | 57 | 45.8 | 47.9 |  | 68 | 39.5 | 35.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | [NAME] to SDR
 | Lebanon | Pound | LBP | 9 | 9 |  |  | Y | B+/B1 | B+/B1 | Stable | BB- | [NAME] | 46.34 | 75 |  | 58 | 55 |  | 77 | 33 | 36.8 |  | 63 | 30.5 | 23.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Indep. Float
 | Lithuania | Litas | LTT | 5 | 6 |  |  | Y | BBB-/Ba1 | BBB-/Ba1 | Stable | BB+ | BB+ | 52.98 | 67 |  | 53 | 55 |  | 62 | 44 | 43.7 |  | 66 | 40.5 | 37 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Peg to USD
 | Macedonia | [NAME] | MKD | 9 | 8 |  |  | Y | * | * | * | * | * | 35.14 | 104 |  | 59 | 61 | * | * | * | * |  | * | * | * |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Managed float
 | Mexico | Peso | [NAME] | 5 | 5 |  |  | Y | BB+/Baa3 | BB+/Baa3 | Positive | BB+ | BB+ | 63.83 | 42 |  | 51 | 51 |  | 41 | 57.3 | 56.7 |  | 72 | 36.5 | 36.5 | A- | A- | A- | [NAME] | A | A- |  |  |  |  |  |  |  |  | Indep. Float
 | Nicaragua | Cordoba | NIC | 12 | 12 |  |  | Y | */B2 | */B2 | * | * | * | 33.79 | 108 |  | 64 | 63 |  | 121 | 16.3 | 13.4 |  | 63 | 22.5 | 26 | C | B | C | [NAME] | C+ | D |  |  |  |  |  |  |  |  | Crawling peg
 | Palestine |  |  | 12
 | Panama | [NAME] | PAB | 6 | 6 |  |  | Y | BB+/Ba1 | BB+/Baa1 | Stable | BB+ | BB+ | 53.19 | 65 |  | 53 | 52 |  | 59 | 45.4 | 42.7 |  | 76 | 34.5 | 38.5 | [NAME] | A- | B | B | [NAME] | B |  |  |  |  |  |  |  |  | Peg to USD
 | [NAME] | [NAME] | PGK | 11 | 11 |  |  | Y | B+/B1 | B+/B1 | Negative | [NAME] | [NAME] | 40 | 87 |  | 51 | 51 |  | 90 | 28 | 30.9 |  | 56 | 38.5 | 36 | B- | B | B | B- | C+ | C+ |  |  |  |  |  |  |  |  | Indep. Float
 | Philippines | Peso | PHP | 7 | 7 |  |  | Y | BB+/Ba1 | BB+/Ba1 | Negative | BB+ | BB+ | 53.55 | 63 |  | 44 | 44 |  | 66 | 43.1 | 46.7 |  | 60 | 35 | 37 | B | [NAME] | [NAME] | B | B | B- |  |  |  |  |  |  |  |  | Indep. Float
 | Poland | Zloty | PLN | 4 | 4 |  |  | Y | BBB+/Baa1 | BBB+/Baa1 | Positive | BBB+ | BBB+ | 63.4 | 45 |  | 39 | 37 |  | 38 | 59.3 | 58.5 |  | 76 | 38 | 35 | [NAME] | A+ | A- | B | A | A- |  |  |  |  |  |  |  |  | Indep. Float
 | Romania | Leu | ROL | 10 | 11 |  |  | Y | B-/B3 | B-/B3 | Positive | B- | B | 41.14 | 83 |  | 57 | 63 |  | 89 | 28.3 | 27.5 |  | 68 | 30.5 | 30 | C+ | A- | B- | C- | C | C |  |  |  |  |  |  |  |  | Managed float
 | Russia | Ruble | RUR | 11 | 12 |  |  | Y | B-/B3 | SD/B2 | Stable | B | B | 37.6 | 97 |  | 59 | 63 |  | 93 | 27 | 19.6 |  | 55 | 40 | 38 | C | B- | C- | C+ | C+ | C+ |  |  |  |  |  |  |  |  | Indep. Float
 | Singapore | Dollar | SGD | 1 | 1 |  |  | Y | AAA/Aa1 | AAA/Aa1 | Stable | AA+ | AA+ | 92.68 | 13 |  | 11 | 12 |  | 16 | 85.8 | 80.4 |  | 86 | 45.5 | 49 | A+ | A- | A+ | A+ | A- | A |  |  |  |  |  |  |  |  | Managed float
 | Slovakia | Koruna | SKK | 6 | 6 |  |  | Y | BB+/Ba1 | BB+/Ba1 | Positive | BB+ | BB+ | 56.91 | 53 |  | 45 | 48 |  | 58 | 45.5 | 42.9 |  | 79 | 36.5 | 32.5 | A- | A- | A- | B | [NAME] | B- |  |  |  |  |  |  |  |  | Managed float
 | Slovenia | Tolar | SIT | 3 | 3 |  |  | Y | A/A2 | A/A2 | Stable | A | A | 71.83 | 33 |  | 33 | 35 |  | 30 | 64 | 63.1 |  | 80 | 39 | 35 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Managed float
 | Sweden | Krona | SEK | 1 | 1 |  |  | N | AA+/Aa1 | AA+/Aa1 | Positive | AA | AA | 93.21 | 12 |  | * | * |  | 15 | 86.5 | 83.9 |  | 88 | 35 | 46 | A | A- | A | A | A | A |  |  |  |  |  |  |  |  | Indep. Float
 | Switzerland | Franc | CHF | 1 | 1 |  |  | N | AAA/Aaa | AAA/Aaa | Stable | AAA | AAA | 96.75 | 2 |  | 20 | 20 |  | 1 | 95.1 | 93.8 |  | 90 | 41.5 | 45 | A | [NAME] | A+ | A | A- | A- |  |  |  |  |  |  |  |  | Indep. Float
 | Turkey | Lira | TRL | 10 | 9 |  |  | Y | B-/B1 | B+/B1 | Negative | BB- | [NAME] | 51.25 | 69 |  | 53 | 55 |  | 64 | 43.7 | 39 |  | 53 | 26 | 31 | B | [NAME] | B | C+ | B- | C+ |  |  |  |  |  |  |  |  | Crawling peg
 | Ukraine | Hryvnia | UAK | 11 | 11 |  |  | Y | */Caa1 | */Caa1 | Stable | * | * | 31.57 | 122 |  | 61 | 64 |  | 117 | 17.2 | 18.1 |  | 55 | 39 | 34.5 | [NAME] | B | C- | C+ | C | C |  |  |  |  |  |  |  |  | Managed float
 | United Arab Emirates | Dirham | AED | 3 | 3 |  |  | N | */A2 | */A2 | Stable | * | * | 81.04 | 27 |  | 27 | 30 |  | 26 | 67.6 | 62.4 |  | 72 | 45.5 | 45.5 | A | [NAME] | A+ | A+ | B | [NAME] |  |  |  |  |  |  |  |  | [NAME] to SDR
 | United Kingdom | Pound Sterling | UKP | 1 | 1 |  |  | N | AAA/Aaa | AAA/Aaa | Stable | AAA | AAA | 93.31 | 11 |  | 33 | 33 |  | 7 | 92.3 | 91.1 |  | 90 | 35.5 | 41 | A | A | A+ | A | A | A |  |  |  |  |  |  |  |  | Indep. Float
 | Uzbekistan | Sum | UZS | 11 | 11 |  |  | Y | * | * | * | * | * | 32.57 | 116 |  | 81 | 81 |  | 107 | 19.2 | 18 |  | * | * | * |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Managed float
 | Venezuela | Bolivar | VEB | 9 | 9 |  |  | Y | B/B2 | B/B2 | Stable | BB- | BB- | 46.09 | 77 |  | 51 | 51 |  | 72 | 37.9 | 34.9 |  | 56 | 43.5 | 37.5 | B- | B- | B- | B- | C | C+ |  |  |  |  |  |  |  |  | Crawling band
* Rac reserves itself the right to assign a specific project E-rating for each transaction.
Total: