| Michel Poirier | ||||||
Those in any doubt about how quickly relationship banks can turn a cold shoulder on borrowers should learn from the fall of Enron. The US energy company, a top-10 Fortune 500 company, was a Baa1 credit sitting on top of world-class pipeline business in the traditionally stable utilities sector. Then in November, it was hit with a massive share price slump after a debacle over its off-balance sheet liabilities, failed to turn over its CP outstandings and was put on negative watch by credit rating agencies Moody’s and Fitch.
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