S&P affirms Petronas

Standard & Poor's said it affirmed the long-term corporate credit ratings on Petroliam Nasional Bhd. (Petronas), including its foreign-currency rating of A-, local-currency rating of A+ and axAAA Asean scale rating.

The outlook is stable.

The agency also said it affirmed the A- ratings on the senior unsecured bonds issued by Petronas, the guaranteed notes issued by Petronas Capital Ltd. and the trust certificates issued by Petronas Global Sukuk Ltd.

The ratings reflect the company's critical role and integral link with the Malaysian government, S&P said.

The company remains sensitive to government intervention, the agency added. Therefore, the long-term rating is equalized with the sovereign credit rating on Malaysia, Moody's said.

Petronas performs a critical role in supporting the power and industrial sectors and developing national oil and gas infrastructure, the agency said.

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