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the collateralized notes will be an obligation of PEFCO only.
PEFCO's Long-Term IDR and senior secured ratings are directly linked to the U.S.
The ratings assigned to the collateralized notes program are sensitive to changes in the credit quality of the underlying collateral and to changes in PEFCO's IDR.
"PEFCO was thrilled to gain a new and improved office environment as a result of a lease renewal and a landlord work allowance," said CB Richard Ellis senior vice president Paul Amrich, who represented the tenant in the lease renewal.
PEFCO partners with commercial banks and other entities to fund U.S.
PEFCO's Support Rating of '1' and Support Rating Floor of 'AAA' reflect Fitch's view that there is an extremely high probability of sovereign support for PEFCO through Ex-Im.
Fitch's rationale for aligning PEFCO's ratings to the U.S.
The long-term ratings of 'AA+' on the MTN program and the expected rating on the inaugural issuance are one notch below PEFCO's Long-Term IDR of 'AAA' and reflect the effective subordination of the notes relative to PEFCO's existing senior secured notes, which are also rated 'AAA'.
30, 2017, PEFCO had approximately $1.8 billion of CP outstanding supported by $1.9 billion of unencumbered assets and $1.3 billion of credit facilities from high credit quality shareowner banks, which in combination translated into a coverage ratio of 1.76x.
The MTNs are expected to replace a portion of PEFCO's CP, thereby extending funding duration.
PEFCO makes US dollar loans to foreign companies for the purpose of financing purchases of US goods and services.
The rating could be downgraded if PEFCO liquidity discipline declines or it pursues more risky business strategies, or its operating performance deteriorates.