Moody's cuts Petronas view to negative

Moody's Investors Service said it changed the outlook to negative from stable on Petroliam Nasional Bhd.'s (Petronas) ratings, along with the ratings on Petronas Global Sukuk Ltd. and Petronas Capital Ltd. The company's ratings are affirmed at A1.

The actions are in response to the company's winning four bids in the latest licensing round for oil fields in Iraq, Moody's said.

The four Iraqi projects add to the company's business risk, due to the high geo-political risk associated with operating in Iraq compared to the company's existing operations, the agency said.

The company's net cash position, a major factor supporting its current rating, may alter given the potentially high investment costs involved in ramping up production from these projects, Moody's said.

Fitch affirms Tekstil Bankasi

Fitch Ratings said it affirmed Tekstil Bankasi AS's long-term foreign-currency issuer default rating at B, along with its short-term foreign- and local-currency issuer default rating and long-term local-currency issuer default rating at B and national long-term rating at BBB+(tur).

The outlook is stable.

The ratings are based on the bank's stand-alone financial strength, Fitch said.

Its reaction to the sharp recession that affected Turkey's economy during the first half of 2009 was dynamic and management took swift action to reign in risks, preserve liquidity and capital, the agency said.

The bank remains profitable, but performance indicators lag those reported by peers, Fitch said.

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