Moody's: MISC stable

Moody's Investors Service said it affirmed the Baa2 issuer ratings on MISC Bhd. and changed the outlook back to stable from negative.

At the same time, the agency said it also affirmed the ratings on the U.S. dollar-denominated bonds issued by MISC Capital and guaranteed by MISC.

The rating action follows the company's decision to sell a 50% stake in its Gumusut - Kakap semi-floating production system to a wholly owned subsidiary of Petroliam Nasional Berhad.

"The repayment of debt will help improve MISC's credit metrics, such that operating lease adjusted debt/EBITDA for 2012 and 2013 will be well within our tolerance level of 6.0x for its ratings. The receipt of the proceeds will also lead to a significant improvement in MISC's liquidity profile," said Vikas Halan, a Moody's vice president and senior analyst, in a news release.

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