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  • ESTONIA this week secured its third investment grade rating when Standard & Poor's assigned the country a BBB+ foreign currency rating and an A- local currency rating. S&P's announcement ranks Estonia above its two Baltic peers, Latvia and Lithuania, which the US rating agency rates BBB and BBB- respectively.
  • * CE Electric UK Funding Co Guarantor: AMBAC
  • * Municipal Housing Finance Guarantor: Municipality Guarantee Board
  • Corporates Paribas' London-based media and telecommunications group has arranged a £42.5m loan for the Ginger Media Group. Ginger Media will use the funds to facilitate the £85m acquisition of Virgin Radio.
  • The $500m seven year revolving credit and swingline facility being arranged by Citibank and Enskilda Debt Capital Markets for Pharmacia & Upjohn Inc was signed by power of attorney on December 4. The facility, which was priced at 12.5bp over Libor for the first five years, rising to 15bp until maturity, was oversubscribed but not increased.
  • US dollar straights * GE Capital Retailer Financial Services Co
  • * Kommunekredit Rating: Aa1/AA+
  • * Credit Suisse First Boston is marketing the flotation of stock in Dollar Thrifty Automotive which it will complete next week. The company is a wholly-owned subsidiary of Chrysler Corp, which is divesting its stake through the sale of 20m shares.
  • * BACB (Jersey) Ltd Guarantor: British Arab Commercial Bank Ltd, London
  • VEBA, the Düsseldorf-based industrial group, is adding to the wave of German corporate restructurings with plans to spin off its trading and transport division Stinnes. Like many of its compatriots, Veba is engaged in a major exercise to streamline its operations to the core businesses -- in Veba's case, of utilities and telecommunications. It has been spinning off ancillary activities for some time.