Moody’s rates Petronas program A1

Moody's Investors Service said it assigned a provisional A1 rating to the proposed $15 billion medium-term note program to be issued by Petronas Capital Ltd. and guaranteed by Petroliam Nasional Bhd.

The agency also assigned a provisional A1 rating to the proposed sukuk al-wakalah transaction of Petronas, to be issued through Petronas Global Sukuk Ltd.

At the same time, Moody's affirmed the A1 issuer rating and senior unsecured rating of Petronas, as well as the A1 senior unsecured ratings of Petronas Capital.

The outlook is stable.

"Petronas remains well-positioned at its A1 issuer and senior unsecured ratings. This reflects the company's strong operating cash flows, solid liquidity profile, strong financial metrics and conservative financial policies, which continue to support its credit profile even with the recent steep drop in crude oil prices," Moody's vice president and senior credit officer Vikas Halan said in a news release.

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