PETALING JAYA: Moody’s Investors Service has downgraded Petronas LNG Ltd’s (PLL) foreign and local currency issuer ratings to “Baa1” from “A3” following the downgrade of PLL’s ultimate parent Petroliam Nasional Bhd’s (Petronas) rating to “A2” from “A1” last week. The rating outlook for PLL has also been changed from negative to stable. “PLL’s ratings downgrade to ‘Baa1’ was driven by the one-notch downgrade of its ultimate parent Petronas’ rating to ‘A2’. PLL’s ratings continue to be positioned two notches below the ‘A2’ ratings of Petronas,“ said Moody’s senior vice-president Vikas Halan. Petronas indirectly owns 100% of PLL and continues to have strong operational and financial integration with PLL. PLL enjoys ongoing liquidity support from Petronas and it can draw from Petronas’ umbrella credit facility for liquidity management. Petronas has continued to support PLL financially through cash injections of almost US$400 million (RM1.66 billion) since 2015. Petronas also provides PLL with significant management support and oversight, including monthly reporting on risk and governance to a committee chaired by Petronas. PLL also has an integrated treasury function with Petronas, where its cash is held centrally by Petronas and cash flow requirements are shared with its parent. “The rating outlook is stable, reflecting… Read full this story
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