Rabu, 20 Januari 2010

Petronas, TNB ratings won't be affected: S&P

Published: 2009/02/13

THE corporate ratings on Petronas and Tenaga Nasional Bhd are unaffected by the proposed cuts in gas prices and electricity tariffs, said Standard & Poor's Ratings Services.

"Although Malaysia's proposed gas price cuts increases Petronas' expected subsidies to the power and industrial sectors in the short to medium term, we expect the company to maintain its strong credit profile," the rating agency said in a statement in Kuala Lumpur yesterday.

Standard & Poor's expects a broadly neutral impact for Tenaga given the cut in electricity tariffs which may be offset by the reduction in subsidised gas prices and higher cost assumption for coal.

Nevertheless, the rating on Tenaga could be lowered should there be lower-than-expected demand for power or aggressively funded investments in additional generation projects.

Weaker credit protection ratios, such as funds from operations to adjusted debt below 10 per cent on a sustained basis, is likely to pressure the outlook or ratings.
Meanwhile, The Associated Chinese Chambers of Commerce & Industry of Malaysia (ACCCIM) and the Master Builders Association of Malaysia (MBAM) said the tariff cut should be bigger.

The electricity tariff, should revert to the old tariffs before the 26 per cent increase on July 1 last year, they said in separate statements issued yesterday.

ACCCIM president, Tan Sri William Cheng said the dismal reduction of 5 per cent would not help alleviate the difficulties faced by manufacturers and industries during this period of economic crisis.

"Many of them have reduced production and some have stopped altogether. We were hoping for some reprieve in the form of lower gas and electricity tariff," said Cheng.

MBAM president Ng Kee Leen said the cut is insignificant and an unsympathetic reduction in view of the tough financial outlook.

"Tenaga should readjust the tariff accordingly since fuel cost has gone down significantly and also because the power cost affects the lives of millions of consumers," he added. - Bernama

Tiada ulasan:

Catat Ulasan