Fitch affirms Petronas

Fitch Ratings said it affirmed the ratings of Petroliam Nasional Bhd. (Petronas), including its long-term foreign-currency issuer default rating at A, long-term local-currency issuer default rating at A+, short-term foreign-currency issuer default rating at F1 and foreign-currency senior unsecured debt rating at A.

The agency also affirmed the long-term foreign-currency issuer default rating and senior unsecured rating for Petronas Capital Ltd., a 100%-owned financing vehicle of Petronas, at A.

The outlook remains stable.

The ratings are constrained by Fitch's country ceiling of A for Malaysia. Fitch said the company would need to further demonstrate successful geographical diversification to be rated in the AA category.

The ratings also reflect Petronas' privileged position as Malaysia's national oil and gas company, sound reserve level for oil and natural gas, the integrated energy business and its robust financial profile, the agency said.

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