Fitch affirms Petronas

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

The outlook is stable.

The agency also affirmed its short-term foreign-currency issuer default rating at F1.

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

The agency said Petronas' issuer default ratings are constrained by Malaysia's issuer default ratings (A-/stable), under Fitch’s government-related entities rating criteria, as the company is 100%-owned by the state, which can exert significant influence over its operating and financial policies.

Petronas' standalone credit profile, assessed at AA-, is stronger than that of its owner, reflecting the company's very strong financial profile, large scale and integrated oil and gas operations, Fitch said.

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