Friday, Aug 14, 2009
The following is a press release from Moody's Investors Service:
Approximately US$4.5 billion debt securities affected
Hong Kong, August 14, 2009 -- Moody's Investors Service has affirmed the
A1 rating to the US$1.5 billion Sukuk Al-Ijara transaction of Petroliam
Nasional Berhad ("PETRONAS"), issued through PETRONAS Global Sukuk Ltd
("PETRONAS Global Sukuk"). Moody's has also affirmed the A1 rating to the
US$3 billion bonds issued by PETRONAS Capital Limited ("PETRONAS
Capital"), unconditionally and irrevocably guaranteed by PETRONAS. At
the same time, Moody's has removed both ratings from their provisional
status. The outlook of the ratings is stable.
The ratings are affirmed pursuant to completion of both issuances, as
well as receipt of final documentation and clean legal opinions.
The last rating action on PETRONAS was on July 28, 2009, when Moody's
assigned the provisional A1 ratings to the company's sukuk and bonds.
The principle methodology used in rating PETRONAS was the Global
Integrated Oil & Gas Industry rating methodology (October 2005), which
can be found at www.moodys.com in the Credit Policy & Methodology
directory, in the Ratings Methodologies subdirectory.
PETRONAS Global Sukuk, incorporated in Labuan, Malaysia, is a special
purpose entity set up for the sole purpose of issuing the Sukuk Al-Ijara
certificates and entering into the transactions contemplated by the
Transaction Documents.
PETRONAS Capital is a wholly-owned special purpose finance subsidiary of
PETRONAS, which has been established for the purpose of issuing debt
securities and other obligations from time to time to finance PETRONAS'
operations.
PETRONAS is a 100% Malaysian government-owned integrated oil and gas
company, with operations spanning upstream oil and gas exploration and
production, downstream oil refining, marketing and distribution of
petroleum products, as well as oil and petroleum products trading. The
company is also involved in gas processing and liquefaction, gas
transmission pipeline network operations, petrochemical manufacturing and
marketing.
The company is one of the world's largest suppliers of liquefied natural
gas ("LNG"), with an annual production volume of 24.1 million metric
tons in FYE March 2009.
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ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT
RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL
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MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION
FOR PURCHASE, HOLDING, OR SALE.
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appropriateness of the opinion having regard to your own objectives, financial
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(END) Dow Jones Newswires
14-08-09 0800GMT
