Fitch confirms Petronas at A/F1

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

The outlook on the long-term issuer default ratings remains negative.

At the same time, the agency affirmed Petronas' foreign currency senior unsecured rating at A, including debt issued by Petronas Capital Ltd. and guaranteed by Petronas.

Fitch said Petronas’ foreign- and local-currency issuer default ratings are constrained by Malaysia's A country ceiling and A local-currency issuer default rating, respectively. Petronas is 100%-owned by Malaysia (A-/A/negative) and the government can exert significant influence over its operating and financial policies.

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