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Fitch cuts Pefco
Fitch Ratings said it lowered its ratings for Private Export Funding Corp. and its senior secured debt to AA+ from AAA and its senior unsecured debt to AA from AA+.
Though it is a private, tax-paying company, Fitch said it considers Pefco’s ratings directly tied to those of the United States because its loans and notes are backed by the Export-Import Bank of the United States, and the bank’s obligations are guaranteed by the U.S.
Pefco’s downgrade follows a similar action on the United States on Tuesday, Fitch said.
The outlook is stable.
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