Fitch Ratings revises Petronas outlook to Negative from Stable

Published: Wednesday July 31, 2013 MYT 3:40:00 PM
Updated: Wednesday July 31, 2013 MYT 3:42:24 PM

KUALA LUMPUR: Fitch Ratings has revised the Outlook on Petroliam Nasional Bhd's (Petronas) long-term local currency issuer default rating (IDR) to Negative from Stable, just a day after revising Malaysia's Outlook to Negative.

The ratings agency said on Wednesday that Malaysia's foreign- and local currency IDRs were affirmed at 'A' and its short-term foreign-currency IDR at 'F1'. The Outlook on the long-term foreign currency IDR remains Negative.

Fitch affirmed Petronas' foreign currency senior unsecured rating at 'A', including debt issued by Petronas Capital Ltd and guaranteed by Petronas. Petronas Global Sukuk Ltd's US dollar trust certificates have also been affirmed at 'A'.

Fitch said the latest action followed the revision of Malaysia's Outlook to Negative and the affirmation of its IDRs at 'A-'/'A''.

It said the ratings were constrained by sovereign where Petronas is 100% owned by the Malaysian government (A-/A/Negative). Its current Foreign and Local Currency IDRs were constrained by Malaysia's 'A' Country Ceiling and Local Currency IDR, respectively.

Fitch revised the Outlook on Petronas' Foreign Currency IDR to Negative from Stable in September 2012 due to the sovereign's growing influence over the company's free cash generation.

"This reflects the likelihood that Fitch may cap this rating at Malaysia's Foreign Currency IDR of 'A-', rather than at the Country Ceiling of 'A'. The sovereign has significant influence over the company's financial policies and strategies, and Petronas' dividends continue to be important to government funding," it said.

Fitch said despite the heavy financial commitments imposed by the state, Petronas continued to maintain a strong standalone credit profile.

Its leverage as measured by funds from operations (FFO) adjusted net leverage and FFO interest coverage were negative at 0.7 times and 36.7 times, respectively, for 2012.

Fitch said it continued to believe Petronas was Malaysia's strongest foreign currency debtor.

Tags / Keywords: Business News

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K+S Falls Most in 15 Years on Uralkali Outlook: Frankfurt Mover - Bloomberg

K+S AG (SDF) fell the most in 15 years in Frankfurt trading after the world’s largest potash producer OAO Uralkali predicted prices for the crop nutrient will fall about 25 percent as it opts to sell volume independently from a trading group.

K+S plunged as much as 19 percent, the biggest decline since September 1998, to 21.45 euros and was trading down 16 percent at 22.47 euros as of 9:55 a.m. local time.

Prices of potash may fall below $300 a ton after the change in Uralkali’s trading policy, the company’s Chief Executive Officer Vladislav Baumgertner told reporters today by phone. The Russian company is quiting a potash trading venture with a Belarusian potash producer, it said.

To contact the reporter on this story: Sheenagh Matthews in Frankfurt at smatthews6@bloomberg.net

To contact the editor responsible for this story: Simon Thiel at sthiel1@bloomberg.net

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Outlook experienced a serious problem with the mcafee email scan add-in

Not sure this will help, but it won't hurt.

Try deleting Outlook's cache file, Extend.Dat.

    del /f /s /q "%UserProfile%\Extend.Dat"

    del /f /s /q "%UserProfile%\..\Extend.Dat"

    del /f /s /q "%AllUsersProfile%\Extend.Dat"

Do this when Outlook is not open, and when logged in with access rights needed to delete these files.

When Outlook restarts, it should rebuild a new version of this file automatically.

I am wondering if Extend.dat has been corrupted.

Let us know if this helps.

Ron Metzger

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VSE 8.8 installer options needed to prevent installation of outlook module during VSE installation using EPO 4.6.5

Hi,

I moved the VSE installer packages in EPO repository from one tree to another. After that the configured command parameters are missing now (was cleaned). Can anybody help. I need the two parameters to prevent UNC-check during VSE installation and to prevent the installation of the Outlook VSE module. This two parameters were configured and worked fine. But I can't remamber this to parameters :-(.

Please help.

Thanks a lot.

Best regards from Janny

from Germany

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