Press Release

Moody’s Credit Rating Withdrawal
Moody’s Credit Rating Withdrawal

1MDB notes Moody’s Investor Services ("Moody’s" or "MIS") withdrawal of its rating on the 5.99% $1.75 billion senior unsecured notes issued by 1MDB Energy Limited ("Energy Notes"), "for its own business reasons".

1MDB would like to make it clear that the withdrawal was undertaken without a downgrade in Moody’s “Aa2” credit rating for the Energy Notes and that the Energy Notes continue to benefit from a "AA" rating from Standard and Poor's.

1MDB's reiterates that its liquidity position is strong and the company remains focused on execution of its successful rationalisation plan.


Notes to Editors:

- The Moody’s "Aa2" credit-rating for the Energy notes remained valid up to the point of rating withdrawal, i.e. the withdrawal was done with no downgrade of the credit rating for the Energy Notes.

- Per the Moody’s "Policy for Withdrawal of Credit Ratings" (document reference SP 13418, effective date December 14, 2015), it is stated in item II(6): "Business Reasons: under certain circumstances, MIS will withdraw a Credit Rating for a Rated Entity or an obligation for reasons unrelated to the situations identified above. When MIS indicates that a Credit Rating was withdrawn for “business reasons,” this refers to MIS’s business reasons, not the business reasons of the Rated Entity or obligor. MIS’s business reasons generally do not reflect any concerns about the Rated Entity’s creditworthiness or the quality of its management. MIS’s decision to withdraw a rating under these circumstances will attempt to balance the informational benefit to market participants from maintaining a Credit Rating against the resources required to maintain and monitor that Credit Rating or other business considerations."