Moody's assigns Baa2 to MISC notes

Moody's Investors Service said it assigned a Baa2 senior unsecured rating to the planned drawdown under MISC Capital Two (Labuan) Ltd.’s medium-term note program. The issuer is a wholly owned subsidiary of MISC Bhd., which will guarantee the notes.

"The senior unsecured notes are rated at the same level as MISC's Baa2 issuer rating, reflecting our expectation that that financial support from its parent Petronas will be provided to the holding company rather than directly to its operating subsidiaries, thereby mitigating any differences in the expected loss that could result from structural subordination," says Stephanie Cheong, a Moody's analyst and assistant vice president, in a press release.

MISC is expected to use proceeds to refinance secured debt.

The outlook is stable.

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