Moody's current ratings on Petroliam Nasional Berhad and its affiliates are:

Petroliam Nasional Berhad

Long Term Issuer (domestic currency) rating of A1

Senior Unsecured (foreign currency) ratings of A1

Petronas Capital Ltd

BACKED Senior Unsecured (foreign currency) ratings of A1

PETRONAS Global Sukuk Ltd.

BACKED Senior Unsecured (foreign currency) ratings of A1

RATINGS RATIONALE

PETRONAS' baseline credit assessment (BCA) of 5, which maps to Moody's global scale of A1, reflects the company's substantial cash generation, conservative financial profile, solid liquidity profile with significant cash holdings, and large-scale hydrocarbon reserves.

The company benefits from a high degree of operational integration and profitable domestic Production Sharing Contracts (PSCs). Its financial and operating measures are comparable with those of highly rated international integrated oil & gas majors such as Exxon Mobil and Royal Dutch Shell.

However, these strengths are balanced by the geographical concentration of the company's reserve base in Malaysia and its small-scale downstream operations compared to the international integrated oil & gas majors. PETRONAS' rating also accommodates relatively higher business risks following the company's winning bids for four oil fields in Iraq, given the inherent higher geo-political risks.

Furthermore, as a government-related issuer (GRI), PETRONAS' rating also reflects a very high level of support from the Malaysian government as well as very high inter-dependence between the government and PETRONAS.

PETRONAS' foreign currency rating is appropriately positioned at two notches above Malaysia's foreign currency bond rating, based on our assessment of the low likelihood that PETRONAS would be affected in the event of a general moratorium in Malaysia on foreign currency debt payments.

Rating Outlook

The stable outlook reflects Moody's expectation that PETRONAS will maintain its strong credit protection measures over the next 12-24 months.

It further reflects Moody's expectation that despite PETRONAS' riskier business profile following the acquisition of the oil fields in Iraq, the company will maintain continued focus on its conservative financial profile, strong liquidity, and financial flexibility that underpin its ratings.

What Could Change the Rating - Up

PETRONAS' rating is two notches higher than the Malaysian government's rating. Thus, upside potential for the rating is limited - given not just the high inter-dependence with the government, but also the execution risks related to the company's overseas acquisitions.

An upgrade to Malaysia's sovereign rating would not necessarily lead to an upgrade of PETRONAS' rating, however, as Moody's would assess any impact on its merits.

What Could Change the Rating - Down

Downward rating pressure could arise if PETRONAS were to face any significant disappointments in developing its new investments. Weakening of its financial and liquidity profiles as a result of substantial debt funding for the Iraqi projects or for any further new investments, leading to gross adjusted debt to total capitalization rising towards 35%-40%, could also pressure the rating.

A rating downgrade would also occur if there is a deterioration in Malaysia's sovereign rating.

The principal methodology used in these ratings was the Global Integrated Oil and Gas Industry Methodology published in November 2009. Other methodologies used include the Government-Related Issuers methodology published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

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