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Ernst & Young is strengthening its structured finance advisory services in Europe and the US, as it looks to expand its expertise in the field. The firm is bringing together a consolidated structured finance group in London to offer a one-stop shop to its clients. The group will consist of a project finance group, a transaction tax team and a capital markets tax team headed by partner Stephen Barrett.

Rating: Aaa/AAA Amount: C$100m

London & Continental Railways has successfully issued the last tranche of its government guaranteed funding for the Channel Tunnel Rail Link (CTRL) - a £1.1bn March 2051 transaction that has provided the sterling market with the largest deal at the ultra-long end of the curve. Proceeds of the issue, led jointly by Barclays and UBS Warburg, will be used to provide financing for the second section of the CTRL project and, subject to EU approval, to purchase Railtrack's interest in section one of the CTRL for a net figure of £350m.

Guarantor: Linde AG Rating: A3/A-

Rating: Baa2/BBB Amount: $600m 144A/Reg S (increased from $500m)

Compiled by Holger Kron Deutsche Bank, Frankfurt

Compiled by Holger Kron Deutsche Bank, Frankfurt

Rating: AA- Amount: Eu500m

Moody's pushed France Télécom (FT) to the brink of junk status this week, downgrading the telco on Monday from Baa1 to Baa3 and leaving the rating on negative outlook - an action that one analyst described as "the worst case scenario". Standard & Poor's (S&P) also cut FT's rating, from BBB+ to BBB on Tuesday, and Fitch is set to lower its BBB+ rating when it reveals its latest opinion of the telco early next week.

Compiled by Holger Kron Deutsche Bank, Frankfurt

Mediobanca has won a global co-ordinator role on the Ferrari IPO, with the offer to buy 34% of the company from Fiat for Eu775.2m. Fiat and Mediobanca announced last night that a deal had been reached, which will be finalised by June 30.

LB Kiel is sole arranging a $60m term loan facility for Mexican bottling company Femsa Empaques. The German arranger has targeted German and Austrian lenders in selldown of the deal.