Summary: Tenaga Nasional Bhd. Jan 12

Standard & Poors, January 2012

Abstract
The rating on Tenaga Nasional Bhd. reflects our opinion of the company's very important role for, and strong link with, the government of Malaysia (foreign currency A-/Stable/A-2; local currency A/Stable/A-1; axAA+/axA-1). Tenaga plays a key role in the Malaysian economy as the sole transmitter and distributor of electricity. It is also the country's main power generator (53% of total generating capacity). Although this role comes at a cost to Tenaga by way of government-controlled tariffs, the company also has access to subsidized gas due to a supply contract with Petroliam Nasional Bhd. (PETRONAS; foreign currency A-/Stable/--; local currency A/Stable/--; axAA+). Tenaga's significant financial risk profile, vulnerability to fuel cost increases and demand-side risks, and high generation overcapacity partly offset these...

Companies mentioned in this report are: Tenaga Nasional Bhd.,CLP Power Hong Kong Ltd.,Electricity Generating Authority of Thailand,PT Perusahaan Listrik Negara (Persero)
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Tenaga Nasional Bhd.,CLP Power Hong Kong Ltd.,Electricity Generating Authority of Thailand,PT Perusahaan Listrik Negara (Persero)

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