Moody’s Investors Service booted a major future flow deal out of the investment-grade club today, downgrading three kinds of Class A notes of Petroleum Export Limited to ‘Ba1.’

With $622 million outstanding, the deal totaled $1.55 billion when issued in July 2005. The initial unwrapped rating from Moody’s was ‘Baa1’ — two of the classes of notes were then wrapped by MBIA and XLCA, respectively.

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