Tenaga Nasional Berhad Nov 06
Standard & Poors, November 2006
Abstract
Support from the Malaysian government Strong market position Steady growth in Malaysia's electricity demand Lack of a clear regulatory system Weak financial profile, albeit improving after the recent tariff increases Significant generation overcapacity Tenaga Nasional Berhad's main business is in the generation, transmission, and distribution of electricity in Malaysia. For the nine-month period ended May 31, 2006, the company recorded revenues of Malaysian ringgit (RM) 14.8 billion (US$4 billion). The rating on Tenaga reflects the following strengths: Support from the Malaysian government. The expectation that the government would act in a timely fashion to support the company during any operational or financial crisis is fundamental to the rating on Tenaga. The government is expected to support Tenaga because of the...
Companies mentioned in this report are: Tenaga Nasional Bhd.,TNB Capital (L) Ltd.
Action: Review
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: Full Analysis
Tenaga Nasional Bhd.,TNB Capital (L) Ltd.
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