Fitch affirms Tenaga

Fitch Ratings said it affirmed the BBB- senior unsecured foreign currency and local currency ratings and the F3 short-term rating of Tenaga Nasional Bhd.

The outlook is stable.

Fitch said the ratings reflect Tenaga's role as the dominant utility in Malaysia positioned to benefit from the country's healthy economic growth, which Fitch expects to reach more than 5% during 2004 and 2005. Fitch noted that strong power demand has driven Tenaga's revenues to grow at over 7% for three straight years while the company's EBITDA margins improved modestly from 29% in fiscal 2002 to over 30% in each of the last two years.

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