Fitch downgrades Petronas

Fitch Ratings said it downgraded Petroliam Nasional Bhd.'s (Petronas) long-term foreign- and local-currency issuer default ratings to A- from A and affirmed its short-term foreign-currency issuer default rating at F1.

The outlook is stable.

The agency also said it downgraded the company’s foreign-currency senior unsecured rating and the ratings on debt issued by Petronas Capital Ltd. and guaranteed by Petronas to A- from A.

But Petronas continues to maintain a strong standalone credit profile, assessed at AA-, Fitch said.

The downgrades follow the downgrade of Malaysia's long-term local-currency issuer default rating to A- from A, the agency said.

The ratings on the company are constrained by the sovereign ratings, Fitch said.

© 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.