Moody's ups Petronas view to stable

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

The outlook revision reflects an expectation that despite Petronas' riskier business profile following the acquisition of oil fields in Iraq, the company is expected to maintain its conservative financial profile, strong liquidity and financial flexibility that underpin its ratings, Moody's said.

The investments increase the company's business risk and expose Petronas to greater operating challenges, owing to geopolitical, legal and regulatory uncertainty, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.