Cinergy Has No Net Exposure to Enron.Business Editors CINCINNATI--(BUSINESS WIRE)--Nov. 29, 2001 Cinergy Corp. (NYSE NYSE See: New York Stock Exchange :CIN CIN cervical intraepithelial neoplasia. Cervical intraepithelial neoplasia (CIN) A term used to categorize degrees of dysplasia arising in the epithelium, or outer layer, of the cervix. ) announced today that it currently has no net exposure to Enron Enron A U.S. energy-trading and utilities company that housed one of the biggest accounting frauds in history. Enron's executives employed accounting practices that falsely inflated the company's revenues, which, at the height of the scandal, made the firm become the seventh ; in fact it currently has a net payable position to Enron. Over the last two months, Cinergy has decreased its trading activities with Enron. The majority of transactions during that period with Enron consisted primarily of short-term electric and gas trades used to balance the company's customer and supply portfolios. With the downgrading downgrading A reduction in the quality rating of a security issue, generally a bond. A downgrading may occur for various reasons including a period of losses, or increased debt service required by restructuring a firm's capital to include more debt and less of Enron's credit rating yesterday, Cinergy ceased new trading activity with Enron. Cinergy continues normal trading with other participants in the wholesale energy markets. Statements made in this release that convey the company's or management's intentions, expectations or predictions of the future are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The company's actual results could differ materially from those projected in the forward-looking statements, and there can be no assurance that estimates of future results will be achieved. Please refer to the company's SEC filings for additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements. |
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