Fitch lowers Petronas view to negative

Fitch Ratings said it revised the outlook on Petroliam Nasional Bhd.'s (Petronas) long-term local-currency issuer default rating to negative from stable.

Its foreign- and local-currency issuer default ratings were affirmed at A and its short-term foreign-currency issuer default rating at F1.

This follows the revision of Malaysia's outlook to negative.

The ratings are constrained by the sovereign ratings as Petronas is 100%-owned by the Malaysian government, Fitch said.

Despite the heavy financial commitments imposed by the state, Petronas continues to maintain a strong standalone credit profile, the agency said.

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