Moody's may up MISC

Moody's Investors Service said it has placed the Baa2 foreign and local currency issuer ratings of Malaysia International Shipping Corp. Berhad (MISC) on review for possible upgrade.

Moody's said the rating action reflects increasing integration between the company and Petronas at strategic and operating levels, as well as reducing uncertainty surrounding medium term strategic direction as the company continues to rationalize non-core activities and increase focus on its core energy related business.

Moody's added it also understands that MISC intends to spend more capex on additional LNG vessels in view of their growth expectations in the LNG sector. Moody's expects that these new LNG vessels will be supported by long-term back-to-back contracts, similar to the ones they previously had.

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