Amid scores of controversy in other related areas of WestLB, the triple-B rated notes of Home Technology Receivables (No.1) were placed on review for possible downgrade on May 21 by Moody's Investors Service. This followed a spate of bad news in the press surrounding Box Clever, the company born out of the merger of Granada and Thorn in June 2000. Additionally, the press has been hotly following the controversies relating to the principal finance unit at WestLB run by Robin Saunders, who arranged the Box Clever deal last summer.

Around £76m worth of class B notes are affected by the review for downgrade; the Class A notes representing £658m had been placed in a conduit.

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