S&P: Tenaga view to stable

Standard & Poor's said it revised the outlook on Tenaga Nasional Bhd. to stable from negative.

S&P also affirmed its BBB+ long-term corporate credit rating and axA+/axA-1 Asean regional scale rating on Tenaga.

At the same time, the agency affirmed its BBB+ issue ratings on the company's senior unsecured notes.

The change in outlook reflects the expectation that government support will remain until Petroliam Nasional Bhd. improves its gas supply to the utility company.

This support will limit any serious deterioration in Tenaga's "significant" financial risk profile and mitigate higher fuel costs and debt-funded investments in the next two years, S&P said.

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