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Moody's changes Pefco outlook to negative
Moody's Investors Service said it affirmed the Aaa senior secured long-term and Prime-1 short-term debt ratings of Private Export Funding Corp. and changed the outlook to negative from stable.
The agency said the affirmation reflects Pefco's relationship with Export-Import Bank as well as its strong balance sheet and solid liquidity.
The negative outlook reflects the risk that if Ex-Im Bank's authorization were to expire, this would create uncertainties associated with actions that Pefco's management might undertake, including the potential for prospective changes to its business model, Moody’s said. Ex-Im Bank is due to be reauthorized by Sept. 30. The agency believes there is a very low probability that Ex-Im Bank will not ultimately be reauthorized, but Moody’s said that if the bank is not reauthorized, Pefco will have little source of new earning asset origination.
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