Thursday 28 Mar 2024
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KUALA LUMPUR (Mar 16): Moody's Investors Service has assigned a definitive A1 rating to the three tranches of senior unsecured notes totalling US$3.75 billion issued by Petronas Capital Limited and guaranteed by Petroliam Nasional Bhd (Petronas).

In a statement today, the rating agency said the three tranches were drawn down from Petronas Capital's US$15 billion multi-currency global medium term note (MTN) programme.

The three tranches comprised of the US$750 million 3.125% senior unsecured notes due 2022, the US$1.5 billion 3.500% senior unsecured notes due 2025 and the US$1.5 billion 4.500% senior unsecured notes due 2045.

The sovereign rating agency also assigned a definitive A1 rating to Petronas' US$1.25 billion 2.707% sukuk transaction due 2020, issued through Petronas Global Sukuk Ltd.

According to Moody's, the ratings outlook is stable.

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 also
finance Petronas' operations.

Petronas Global Sukuk, incorporated in Labuan, is a special purpose entity set up for the sole purpose of issuing sukuk certificates from time to time to finance Petronas' operations.

"Moody's assignment of the definitive rating on the notes follows the company's completion of the issuance on satisfactory terms and conditions," it said, adding that the rating on the sukuk confirmed the provisional rating of (P)A1 assigned on Mar 5 this year.

According to Moody's, Petronas plans to use the proceeds to finance capital expenditures and for general corporate purposes.

Moody's said the principal methodology used in these ratings was Global Integrated Oil & Gas Industry published in April 2014.

"Other methodologies used include Government-Related Issuers published in October 2014," it added.


 

 

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