Fitch affirms Petronas

Fitch Ratings said it affirmed Petroliam Nasional Bhd.'s (Petronas) long-term foreign- and local-currency issuer default ratings at A, short-term foreign-currency issuer default rating at F1 and its foreign-currency senior unsecured rating at A, which also applies to debt issued by Petronas Capital Ltd. and guaranteed by Petronas. Petronas Global Sukuk Ltd.'s dollar-denominated trust certificates also are affirmed at A.

The outlook is stable.

The ratings reflect the company's exclusive rights to Malaysian oil and gas reserves, a reserve replacement ratio consistently exceeding 100%, the entity's net cash position and vertical integration, the agency said.

The company's strong downstream presence in sectors such as liquefied natural gas, petrochemicals and petroleum products mitigates its exposure to volatility in commodity prices and refining margins, Fitch said.

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