2012/07/02
Moody's Investors Service said today that Petroliam Nasional Bhd (Petronas)'s A1 issuer and senior unsecured ratings are
not affected by its proposed acquisition of Canadian-based Progress Energy Resources Corp.
In a statement today, the credit ratings provider said the transaction, valued at approximately 5.5 billion Canadian dollars, would be funded internally by the group.
Moody's Vice-President and Senior Analyst Simon Wong said despite the large size of the acquisition, Petronas had significant financial flexibility within its ratings, including low leverage, very strong cash flow generation and robust
liquidity.
medium-to-long-term oil and gas resources, reserve life and strengthen its position as one of the largest exporters of liquefied-natural-gas to the Asian markets," he said.
Meanwhile, in a different statement, Standard and Poor's Ratings Services (S&P's) also said the proposed acquisition would not affect its ratings on the group (foreign currency A-/Stable/--; local currency A/Stable/--;axAAA/--).
"The group's financial risk profile is 'minimal’ and it has 'strong' liquidity. "Petronas' stand-alone credit profile is better than our expectation for the current rating," it said.
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