S&P; Sees 23 Firms at Risk of ‘Triggers’

At least 23 companies in the United States and Europe, including energy trader Dynegy Inc. and entertainment giant Vivendi Universal, run the risk of a liquidity crisis because of “triggers” in their borrowing agreements, credit-rating firm Standard & Poor’s said.

Reporting on a survey of 1,000 companies, S&P; said about 500 have borrowing agreements with triggers--clauses that could force a company to post collateral or pay back debt if its credit rating is downgraded.

Faulted for not alerting investors soon enough to Enron Corp.’s woes, S&P; and other rating firms have been poring over companies’ books in search of potentially lethal debt triggers.

S&P; said none of the 23 firms--more than half of which are energy companies--faces an imminent debt downgrade solely for having triggers, because they are already factored into ratings. The company list is available online at www .standardandpoors.com.