Fitch rates Petronas notes A

Fitch Ratings said it assigned Petronas Capital Ltd.'s dollar-denominated guaranteed notes and Petronas Global Sukuk Ltd.'s dollar-denominated trust certificates (sukuk) expected ratings of A.

The ratings are contingent upon receipt of final documents.

Petronas Global Sukuk is a special purpose vehicle formed by Petroliam Nasional Bhd., a Malaysia-based oil and gas company. Petronas Capital is a wholly owned subsidiary of Petronas.

The sukuk ranks pari passu with Petronas' existing senior unsecured debt, Fitch said. The proceeds from the sukuk will be used to purchase beneficial ownership of assets of certain Petronas' wholly owned subsidiaries located in Malaysia.

Petronas is wholly owned by the Malaysian government and its foreign-currency rating is restrained by the sovereign's country ceiling, the agency said.

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