Fitch cuts Petronas local-currency rating

Fitch Ratings said it downgraded Petroliam Nasional Bhd.'s long-term local-currency issuer default rating to A from A+ and revised the outlook to stable from negative.

The agency affirmed Petronas' A long- and F1 short-term foreign-currency issuer default ratings and A foreign-currency senior unsecured debt rating and Petronas Capital Ltd.'s A long-term foreign-currency issuer default and senior unsecured debt ratings.

The downgrade is due to the downgrade in Malaysia's sovereign local-currency issuer default rating to A with a stable outlook, Fitch said. Petronas is wholly owned by the Malaysian government, and its local-currency ratings are constrained by the sovereign's local-currency rating.

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