Moody's assigns Penerbangan Malaysia bonds A3

Moody's Investors Service said it has assigned an A3 rating to the proposed senior unsecured bonds of approximately $1 billion to be issued by Penerbangan Malaysia Bhd. The outlook is stable.

The bonds will be irrevocably and unconditionally guaranteed by the government of Malaysia, Moody's said.

The A3 rating is based on the full guarantee provided by the Malaysian government, which is rated A3/stable by Moody's.

The Malaysian government views the national civil aviation industry as strategically important to the nation's domestic transportation system, international trade and tourism, Moody's said.

Moody's says that any rating upgrade or downgrade of Penerbangan bonds will be closely linked to any changes in the rating of the Malaysian government.

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