S&P Lowers Ratings on Three Malaysian Entities.NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 7/24/98-- Standard & Poor's today lowered its long-term foreign currency and senior unsecured ratings on Petroliam Nasional Berhad to triple-'B'-plus from single-'A'-minus, and its long-term local currency rating to single-'A'-plus from double-'A'-minus. At the same time, Standard & Poor's lowered its long-term foreign currency and senior unsecured ratings on Telekom Malaysia Telekom Malaysia Berhad (TM) is the largest telecommunication company in Malaysia and also Southeast Asia's second-largest telecommunication company. It has a monopoly on the fixed line network and has a considerable market share of the mobile communications market after its Berhad and Tenaga Nasional Tenaga Nasional Berhad (TNB) (KLSE: TNB) is the largest electricity utility company in Malaysia and also the largest power company in Southeast Asia with RM65 billion worth of assets serving over six million customers throughout Peninsular Malaysia and the eastern state of Sabah. Berhad to triple-'B'-plus from single-'A'-minus. Tenaga Nasional Berhad's long-term local currency rating of single-'A'-minus is affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. . These rating changes reflect the downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. on the foreign and local currency ratings of the Federation of Malaysia Federation of Malaysia: see Malaysia. (see related news release). Standard & Poor's lowered its long-term foreign currency rating on Malaysia to triple-'B'-plus from single-'A'-minus, and the country's long-term local currency rating to single-'A'-plus from double-'A'-minus. Malaysia's short-term foreign currency rating is affirmed at 'A-2', while the short-term local currency rating was lowered to 'A-1' from 'A-1+'. OUTLOOK: NEGATIVE The rating outlook on all three entities is revised to negative from stable. The change in outlook reflects the revision on the outlook of the Federation of Malaysia, Standard & Poor's said. ---CreditWire CONTACT: Louise Griffiths Louise Griffiths, (born 31 July, 1978 in Hertfordshire, England), is a female pop singer and songwriter and actor. She was a contestant in the BBC television series, Fame Academy in 2003. Biography The daughter of a London taxicab driver, she also plays the saxophone. , Melbourne (61) 3-9250-4563 Duncan Warwick-Champion, Melbourne (61) 3-9250-4565 Ee-Lin Tan, Singapore (65) 239-6394 For more information on criteria or subscriptions: http://www.ratings.standardpoor.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion