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POLITICAL AND economic developments in Russia continued to enthral the international capital markets this week with a mix of positive and negative signals emanating from the country. The Russian government decided on Tuesday to postpone negotiations with Chase Manhattan, Credit Suisse First Boston, Deutsche Morgan Grenfell and Salomon Smith Barney on a $2bn short term financing package until early next year. This has seemed to signal increased confidence in the economy's ability to survive a liquidity squeeze which has resulted from the turbulence in emerging markets.

* World Bank Rating: Aaa/AAA

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.

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* BACB (Jersey) Ltd Guarantor: British Arab Commercial Bank Ltd, London