S&P Lowers Ratings on Three Malaysian Entities.LONDON--(BUSINESS WIRE)--Standard & Poor's CreditWire 9/15/98 -- Standard & Poor's today lowered its long-term foreign currency issuer credit and senior unsecured ratings on Petroliam Nasional Berhad to triple-'B'-minus from triple-'B'-plus, and its long-term local currency issuer credit rating to single-'A'-minus from single-'A'-plus. 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'-minus from triple-'B'-plus. Additionally, Tenaga's single-'A'-minus local currency issuer credit rating 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'-minus from triple-'B'-plus, and the country's long-term local currency rating to single-'A'-minus from single-'A'-plus. Malaysia's short-term foreign currency rating was lowered to 'A-3' from 'A-2', while the short-term local currency rating was lowered to 'A-2' from 'A-1'. OUTLOOK: Negative. The rating outlooks on all three entities is negative, reflecting that of the Federation of Malaysia, Standard & Poor's said.---CreditWire CONTACT: Louise Griffiths, Melbourne (61) 3-9250-4563 Duncan Warwick-Champion, Melbourne (61) 3-9250-4565 Ee-Lin Tan, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (1) 212-208-1834 For more information on criteria or subscriptions: http://www.ratings.standardpoor.com |
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