S&P rates Petronas Capital notes A-

S&P said it assigned an A- long-term issue rating to a drawdown by Petronas Capital Ltd. under its $15 billion global medium-term note program. Petronas Capital's parent, Petroliam Nasional Bhd. will guarantee the proposed notes.

“We equalize the issue rating on the proposed notes with the foreign-currency issuer credit rating on Petronas, considering the parent's low levels of leverage with a net cash position of Malaysian ringgit (MYR) 65 billion. As of Dec. 31, 2020, Petronas' reported total debt was MYR 76 billion, of which MYR 18 billion was secured debt and MYR 12 billion was unsecured debt under subsidiaries,” S&P said in a press release.

Petronas Capital intends to use the proceeds for debt refinancing and general corporate purposes.

The outlook is negative.

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