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PEFCOPrivate Export Funding Corporation
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The long-term secured rating of 'AAA' on the collateralized notes program and the 'AAA' rating on the inaugural issuance are equalized with PEFCO's Long-Term Issuer Default Rating (IDR) of 'AAA' and reflect the high quality of the collateral securing these notes.
PEFCO expects to use the net proceeds from the notes offering to acquire participation loans and other pledged collateral and/or any remaining proceeds will be used by PEFCO for general corporate purposes.
A PEFCO director since 1997, Aldrich is a former corporate partner at Skadden, Arps, Slate, Meagher & Flom Llp and was previously with Shearman & Sterling Llp.
Based at Park Avenue, New York City, PEFCO is engaged in making U.S.
MKDA's concept for updating the PEFCO office included removing wood paneling and interior walls to open the central core for an airier, more light-filled interior, and installing new ceilings with pendant light fixtures for a clean and modern aesthetic.
The design team utilized the warm colors of PEFCO's corporate logo, and patterned textures throughout the space to create a rich and elegant backdrop for newly purchased and updated office furniture.
The ratings and Stable Outlook for PEFCO are directly linked to the United States' (U.S., IDRs AAA/F1+/Stable) sovereign rating and Outlook, respectively.
This dynamic has restricted Ex-Im and PEFCO's activities.
Like PEFCO's commercial paper (CP), the MTNs are legally considered short-term debt according to the Amended Guarantee and Credit Agreement between the Export-Import Bank of the U.S.
PEFCO's Long-Term Issuer Default Rating (IDR) and senior secured ratings are directly linked to the U.S.
Longer-term, if Ex-Im's charter is not reauthorized and its Board of Directors does not have a voting quorum, Fitch believes that PEFCO may continue to decrease in size.
PEFCO's Aaa rating is underpinned by its close relationship with the Ex-Im Bank, consistent, though modest, profitability, very strong asset quality, and solid liquidity.