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* European Bank for Reconstruction & Development Rating: Aaa/AAA

Valenciana de Cementos (Valenciana) signed its euro2 billion ($1.66 billion) Euro-MTN programme yesterday, October 26. It had been planning to sign the programme since July (see MTNWeek, issue 201). The issuer has also announced its 11-strong dealer panel. It is ABN Amro, Banco Bilbao Vizcaya, Barclays Capital, BNP Paribas, Chase Manhattan, Credit Agricole Indosuez, Dresdner Bank, ING Barings, Salomon Smith Barney, Westdeutsche Landesbank and the arranger, Deutsche Bank. Valenciana is the third Spanish corporate to sign an MTN shelf this year.

* Inter-American Development Bank Rating: Aaa/AAA/AAA

Standard & Poor's (S&P) downgraded Xerox Corp to near junk status on Tuesday. The rating agency cut Xerox's rating from BBB to BBB- after the world's largest photocopier maker reported a $128m third quarter loss, excluding a $55m pre-tax charge for accounting fraud in Mexico, in line with expectations. Xerox said it did not expect any further charges in connection with the Mexico subsidiary investigation.

* Sanikleen Corp Guarantor: Bank of Tokyo-Mitsubishi Ltd

* General Electric Capital Corp Rating: Aaa/AAA/AAA

Norwegian incumbent telecoms operator Telenor is expected to announce next week that the bookbuilding period for its Eu5bn IPO will be open for institutions from November 13 to December 1, and from November 17 to November 30 for retail investors. The deal was originally planned for September and was expected to raise about Eu7bn, but the Swedish government put the sale back until after its October budget announcement so that investors could take account of any changes in tax laws. The issue, which will consist of between 15% and 25% of the company, is now expected to raise much less because of the fall in valuations of comparable companies.

Transnet, the South African state-guaranteed transport company, has dropped Sumitomo Finance as a dealer off its $1 billion Euro-MTN programme. The shelf was signed in 1998 and has issued just two trades, which amount to $637.23 million.

Danske Bank has launched a £60m three year revolver for Frizzell Bank. The deal is guaranteed by the borrower's parent company Liverpool Victoria Friendly Society Limited and is 20% risk weighted. The deal is available to banks on three levels: co-arrangers take £10m for 8bp, senior lead managers £7.5m for 7bp and lead mangers £5m for 6bp. The margin is 30bp over Libor, and there is a commitment fee payable.

Tupperware signed a Euro-CP shelf yesterday, October 26. Goldman Sachs is the arranger and only dealer. The US manufacturer famous for selling its plastic lunch boxes at parties, already has a domestic US CP facility. The US and the Euro-CP programmes have a combined debt limit of $300 million. This is due to the issuer's single back-up facility whereby $300 million is the limit agreed by the rating agencies. Eighty-five percent of Tupperware's sales are outside the US. The Euro-CP shelf can raise debt in euros, Swiss francs, yen and dollar. The issuer previously raised debt in US dollar and then swapped out into the required currency, but FASB rule 133 will change accountancy rules in January 2001. Many US borrowers will not be able to hedge their investments by swapping out and for some US issuers with only domestic US debt instruments, it is necessary to set up a Euro facility. It is the ninth US corporate to sign a Euro-CP programme this year. It is rated A-2 by Standard & Poor's and P-2 by Moody's.

* BMW US Capital Corp Guarantor: BMW AG

Mandated lead arranger Chase Manhattan has launched the £485m project financing for Wembley National Stadium Limited - the developer of the new national sports stadium at the existing Wembley site in north west London. At this first stage of selldown, the deal has been offered to a select group of banks to join as arrangers with take and holds of £40m apiece.