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The division was primarily focused on deals known as structured finance.
All of that has evaporated with the implosion of credit markets and structured finance.
Enron's own trip through bankruptcy is another source of uncertainty for structured finance.
Nothing sent the agencies into high gear as much as the development of structured finance.
"To this day, I still have never fully understood what structured finance is," Mr. Tanzi said.
Mr. Clarkson of Moody's agrees that credit analysts will be hyperalert to information about structured finance.
"Enron, however, used structured finance to report results it had not achieved".
Still, the revival is welcome news for Wall Street banks and structured finance specialists.
Third, he says, more innovation is needed, particularly in areas such as derivatives and structured finance.
They bought much of the short-term debt that propped up structured finance.
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Miller eventually became managing director and head of the emerging markets structured- finance group.
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