Moody’s leaves Petronas ratings unchanged but lowers outlook to negative

UOB Kay Hian Research analyst Kong Ho Meng said while there have not been any large tenders awarded by Petroliam Nasional Bhd (Petronas), it expected contracts to be rolled out from next year. In Malaysia, he said, about 11% or about 35 of the over 300 platforms have been operating for over 40 years, and more than 200 wells have already been identified to be plugged and abandoned.

KUALA LUMPUR: Moody's Investors Service has affirmed Petroliam Nasional Bhd's (Petronas) A1 domestic issuer and foreign currency senior unsecured ratings, but changed the outlook from stable to negative.

The rating agency also affirmed the A1 rating for Petronas Capital Ltd's senior unsecured notes and the US$15bil medium-term note (MTN) programme as well as sukuk issued through Petronas Global Sukuk Ltd, but changed its outlook to negative from stable.