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Bulletin: Tenaga Nasional Bhd. Ratings Unaffected By Proposed Sukuk Oct 11
Standard & Poors, Oct 2011
Abstract
SINGAPORE (Standard & Poor's) Oct. 20, 2011--Standard & Poor's Ratings Services said today that its rating on Tenaga Nasional Bhd. (BBB+/Stable/--, axA+/axA-1) is unaffected by a proposed Malaysian ringgit (MYR) 5 billion sukuk issue. Our rating already factors in the likelihood that Tenaga will incur higher debt to fund a planned 1,000 megawatt supercritical coal-fired power plant. We will further assess the impact of increased debt after the company releases its audited accounts for the full year ended Aug. 31, 2011. The results are expected in November 2011. We could lower the rating if Tenaga's credit protection measures weaken, such that the ratio of funds from operations to adjusted debt falls below 10% for a sustained period. However, we expect...
Companies mentioned in this report are: Tenaga 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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