Moody's trims Poinsettia notes

Moody's Investors Service said it lowered the ratings of Poinsettia Finance Ltd.'s senior secured notes due 2031 to Ba3 from Ba2

“The action follows the downgrade to Petroleos Mexicanos' (Pemex) senior unsecured ratings on the company's existing notes, as well as the ratings based on Pemex's guarantee, to Ba3 (negative outlook) from Ba2 announced on July 27, 2021,” the agency said in a press release.

The downgrade 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 between PEP, a subsidiary of Petróleos Mexicanos, Moody’s noted.

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