Moody's trims Poinsettia Finance notes

Moody's Investors Service said it downgraded the ratings of Poinsettia Finance Ltd.'s senior secured notes due 2031 to Ba2 from Baa3.

The action follows the downgrade to Petroleos Mexicanos' (Pemex) senior unsecured ratings on the company's notes, as well as the ratings based on Pemex's guarantee, to Ba2 from Baa3 announced on April 17, the agency said.

The downgrade of the notes is because the notes are secured by a pro rata first-ranking security interest on the rights of payment of the lease payments, related to certain oil and gas infrastructure assets, under a hell or high-water lease agreement with PEP, a subsidiary of Pemex, Moody’s said.

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