MISC’s Baa2 rating affirmed and outlook upgraded
KUALA LUMPUR: Rating agency Moody's Investors Service has affirmed the Baa2 issuer rating of MISC Bhd and revised upwards the international energy shipping company's outlook to stable from negative.
Moody's said in a statement yesterday that the rating reflects its view that MISC remains a core investment for Petronas, as a majority-owned, integrated shipping service provider for the Malaysian oil company's liquefied natural gas (LNG) business.
It said the assumption was also based on the combination of the close integration between the two companies, both operationally and financially, and Petronas' long track record of support.
“The Baa2 rating affirmation maintains the two notches of uplift from MISC's parent, Petronas (A1 negative), reflecting Moody's expectation that Petronas will provide extraordinary support to MISC in a scenario of stress,” Vice President and Senior Credit Officer Brian Grieser said.
Moody's said the stable outlook reflects Moody's view that the negative outlook on Petronas rating has no impact on its willingness or ability to support MISC on an ongoing basis due to Petronas' strong credit profile. — Bernama