Moody's: Penerbangan view positive

Moody's Investors Service said it affirmed Penerbangan Malaysia Bhd.'s A3 rating for the $1 billion 5 5/8% guaranteed notes due 2016.

The outlook was changed to positive from stable.

The action follows the agency's decision to affirm Malaysia's A3 government bond rating and change the outlook to positive from stable on Nov. 20.

The Malaysian government irrevocably and unconditionally guarantees Penerbangan's notes. Thus, the sovereign rating action led Moody's to change the outlook of the A3 rating for the notes to positive from stable, the agency said.

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