S&P affirms Pefco

Standard & Poor’s said it affirmed its A+ long-term issuer credit rating on Private Export Funding Corp. (Pefco). S&P removed its long-term ICR from CreditWatch with negative implications, where it was placed on June 17.

The outlook on the long-term ICR is negative.

At the same time, S&P affirmed its A-1 short-term ICR and A-1 commercial paper rating on Pefco but lowered its issue ratings on Pefco’s secured notes to A+ from AA+ and also removed the issue rating from CreditWatch with negative implications.

S&P said the rating actions follow Congress’ recent extension of Ex-Im Bank’s charter to June 2015.

“We don't expect to lower our rating on Pefco unless it becomes clear that Congress will not extend Ex-Im Bank’s charter further,” said S&P credit analyst Lisa Schineller in a news release.

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