S&P: Malaysia International Shipping on positive watch

Standard & Poor's said it placed its BBB+ long-term corporate credit rating on Malaysia International Shipping Corp. Bhd. on CreditWatch with positive implications.

At the same time, S&P placed its BBB+ ratings on the company's $700 million and $400 million senior unsecured notes due 2014 and 2009, respectively, on CreditWatch positive. The notes are issued by its wholly owned subsidiary, MISC Capital (L) Ltd., and are guaranteed by Malaysia International Shipping.

The rating on Malaysia International Shipping Corp. Bhd. reflects the following strengths: Substantial recurrent cash flow; strong competitive position; satisfactory financial profile; and strategic importance to Malaysia and Petronas.

These factors are offset by the following weaknesses: Earnings volatility in non-LNG operations; and higher-than-average industry risk.

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