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S&P: MISC stable
Standard & Poor's said it revised the outlook on MISC Bhd. to stable from negative.
At the same time, the agency said it affirmed its BBB long-term corporate credit rating on the company. The agency also affirmed its BBB issue rating on the $700 million 6.125% senior unsecured notes due July 1, 2014, that MISC Capital (L) Ltd. issued. MISC fully guarantees those notes.
"We revised the outlook on MISC because we expect the company to use the proceeds from a proposed asset sale to reduce leverage," said S&P credit analyst Abhishek Dangra in a news release.
"We believe execution risk in the transaction is minimal due to the related-party nature of the deal."
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