Moody's downgrades MISC

Moody's Investors Service said it downgraded MISC Bhd.'s issuer and senior unsecured debt ratings to A3 from A2.

Moody's also said it changed the outlook of both ratings to stable from negative.

The downgrade was driven by the company's weaker-than-expected performance, which includes lower profit margins and a higher debt level in 2009 against the backdrop of weak shipping markets, Moody's said.

In particular, the huge loss in its liner business was the main contributor to the unfavorable result, the agency said.

Moody's said it expects the company will remain exposed to the challenging conditions in the liner, chemical and petroleum transportation markets for the next two years.

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