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Bulletin: PETRONAS' And Tenaga Ratings Unaffected By Proposed Changes To Gas Prices and Electricity Tariffs May 11
Standard & Poors, May 2011
Abstract
SINGAPORE (Standard & Poor's) May 31, 2011--Standard & Poor's Ratings Services said today that its corporate credit ratings on Petroliam Nasional Bhd. and Tenaga Nasional Bhd. (BBB+/Stable/--; ASEAN scale axA+/axA-1) are unaffected by the proposed price increases for (1) gas supplied by PETRONAS to the power and industrial sectors, and (2) electricity for industrial and commercial consumers. The proposed gas price increase will reduce PETRONAS' (PETRONAS, foreign currency A-/Stable/--; local currency A+/Stable/--; ASEAN scale axAAA) subsidies to the power and industrial sectors and improve its operating cash flows. However, we expect this benefit to be immaterial to PETRONAS' overall credit metrics, which are influenced more by the company's sizeable capital expenditure plans and dividend payouts to the government. Although these...
Companies mentioned in this report are: Tenaga Nasional Bhd.,Petroliam Nasional Bhd.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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