Moody's downgrades MISC on weak outlook

PETALING JAYA: Moody’s Investors Service has downgraded the issuer and senior unsecured ratings of MISC Bhd, the world’s single largest owner-operator of liquefied natural gas tankers, to Baa1 from A3 with a negative outlook, affecting about US$700mil of debt.

According to Moody’s, the prolonged weakness in MISC’s credit metrics, operating losses in its liner, chemical and petroleum segments, and large capital expenditure plans amidst a difficult operating environment, had triggered the review for downgrade initiated on June 27.