Moody's rates Petronas sukuk A1

Moody's Investors Service said it assigned a provisional A1 rating to the proposed sukuk al-ijara transaction of Petroliam Nasional Bhd to be issued through Petronas Global Sukuk Ltd. Moody's also said it assigned a provisional A1 rating to the proposed bonds to be issued by Petronas Capital Ltd., unconditionally and irrevocably guaranteed by Petronas.

The outlook is stable.

Both ratings are provisional and equivalent to Petronas' A1 senior unsecured issuer rating.

Moody's said the rating of the sukuk is equivalent to Petronas' senior unsecured issuer rating, as the transaction is viewed as being commensurate with a senior unsecured payment obligation.

The rating also reflects bondholders' ultimate reliance on Petronas for interest and debt service, through the company's guarantee of the bonds, the agency said.

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