Fitch affirms Petronas

Fitch Ratings said it affirmed Petroliam Nasional Bhd.'s (Petronas) long-term foreign- and local-currency issuer default ratings at A and short-term foreign-currency issuer default rating at F1.

The outlook is stable.

The agency also said it affirmed the company's foreign-currency senior unsecured rating at A, including debt issued by Petronas Capital Ltd., guaranteed by Petronas. Petronas Global Sukuk Ltd.'s dollar-denominated trust certificates also were affirmed at A.

The ratings benefit from a diversification through vertical integration and growing international reserves and with exclusive rights to Malaysian oil and gas reserves, Fitch said.

Its vertically integrated energy business mitigates exposure to commodity price volatility, the agency said, as reflected in its robust financial profile characterized by stable, high profit margins and negative net debt balances.

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