CHICAGO--(BUSINESS WIRE)--Fitch Ratings has downgraded the senior secured series 2010-1 notes issued by Lancer Finance Company Ltd to 'C' from 'CCC'; 'RE100'. The outstanding balance of the notes is approximately $42 million. The notes were backed by flows related to a long-term charter and services agreement signed with Petroleo Brasileiro S.A (Petrobras: 'BBB-'; Negative Outlook) for the use of the drillship S.C. Lancer. Schahin Engenharia S.A. was the operator of the drilling rig. The notes