Moody’s lowers Penerbangan Malaysia view to stable

Moody’s Investors Service said it affirmed the senior unsecured rating on Penerbangan Malaysia Bhd.’s $1 billion 5 5/8% guaranteed notes due March 2016 at A3.

Moody’s also said it changed its outlook to stable from positive.

The outlook revision on Penerbangan Malaysia reflects a similar outlook revision on Malaysia’s A3 government bond rating, the agency said.

The company’s notes are irrevocably and unconditionally guaranteed by the Malaysian government, Moody’s said.

PMB is indirectly wholly owned by the government through Khazanah Nasional Bhd., the government’s strategic investment fund, the agency said.

The government views the civil aviation industry as strategically important to the domestic transportation system, international trade and tourism, Moody’s added.

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