MISC’s Baa2 rat­ing af­firmed and out­look up­graded

The Star Malaysia - StarBiz - - News -

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

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