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S&P lowers Poinsettia notes
S&P said it lowered the rating on Poinsettia Finance Ltd.’s senior secured notes to BBB from BBB+.
The notes, due in 2031, are a repack securitization backed by a sale-leaseback transaction with an unconditional guarantee from Petroleos Mexicanos SA.
“The rating action follows the March 26, 2020, downgrade of our foreign credit rating on Mexico, which resulted in the downgrade on Pemex, the notes' guarantor,” the agency said in a news release.
As Pemex provided a full and irrevocable guarantee on the monthly rent payments that back the transaction, the rating on the notes are weak-linked to the rating on the guarantor, the agency said.
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