Moody’s lowers Petronas

Moody's Investors Service said it downgraded to A2 from A1 the domestic issuer and foreign currency senior unsecured ratings of Petroliam Nasional Bhd. (Petronas).

At the same time, Moody's downgraded to a2 from a1 the baseline credit assessment, to A2 from A1 the rating on the senior unsecured notes issued by Petronas Capital Ltd. and guaranteed by Petronas and to A2 from A1 the senior unsecured rating on the sukuk issued through Petronas Global Sukuk Ltd.

Moody's also changed the outlook to stable from negative.

“Even though Petronas' credit metrics remain strong for its ratings, the close credit linkages between the government of Malaysia (A3 stable) and Petronas cannot support a rating for Petronas, under the revised methodology, that is two notches higher than the Malaysian sovereign,” Vikas Halan, Moody's senior vice president, said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.