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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.

Ulrich Kastner, director in the asset securitisation group at WestLB in London, has left to join Dresdner Kleinwort Wasserstein's debt origination team. On gardening leave since the start of May, Kastner will start at Dresdner in August working on structured finance products. He is expected to continue to focus on Germany as he did at WestLB, where he worked for around four years.

Greece Opap, the government owned Greek lottery and football pools operator, is to go ahead with a Eu500m secondary offering which will see the freefloat of the group increased from 5% to 25%.

Czech Republic Recent Czech parliamentary elections will result in a smoother progression towards EU membership, although improvements in the republic's fiscal position are less certain, according to Fitch.

KBC (joint bookrunner) and Lloyds (joint bookrunner, facility and documentation agent) have signed banks into an £80m three year revolver for Pendragon plc. Before the loan was launched, Allied Irish Bank joined the facility as an arranger.

Poland was one of the few issuers to benefit from the market chaos resulting from the accounting scandal at WorldCom this week with the launch of a tightly priced $1bn 10 year bond, its first dollar deal for five years. The SEC-registered issue, lead managed by JP Morgan and Citigroup/SSSB, paid a coupon of 6.25% and an issue price of 99.209, giving a spread of 158bp over Treasuries. The sovereign was able to shrug off US investor concern and increased the size of its offering from an original target of $750m to a final issue size of $1bn. The book was scaled back from $2.4bn.

ING Bank has signed banks into the Eu50m 10 year loan for Banco Itau. Banco BPI and LB Kiel committed Eu9.5m to the deal as arrangers. Hamburigsche Landesbank has committed Eu7.2m as a co-arranger. BNL, BayernLB and Caixa are lead managers with takes of Eu4.8m.

Poland was one of the few issuers to benefit from the market chaos resulting from the accounting scandal at WorldCom this week with the launch of a tightly priced $1bn 10 year bond, its first dollar deal for five years. The SEC-registered issue, lead managed by JP Morgan and Citigroup/SSSB, paid a coupon of 6.25% and an issue price of 99.209, giving a spread of 158bp over Treasuries. The sovereign was able to shrug off US investor concern and increased the size of its offering from an original target of $750m to a final issue size of $1bn. The book was scaled back from $2.4bn.