This report does not constitute a rating action. Overview Key strengths Key risks Critical role and integral link with the Malaysian government, resulting in an almost certain likelihood of government support High but improving leverage levels Wholly owned by the government Strategic role to deliver financial returns and sustainable economic benefits to Malaysia We believe the likelihood of extraordinary support to Khazanah Nasional Bhd. from the government of Malaysia is almost certain. Khazanah plays a critical role for the government, being the primary investment vehicle for the government’s strategic assets in sectors other than oil and gas. Khazanah has an integral link with the Malaysian government, which wholly owns and controls the company. The stable rating outlook on Khazanah reflects
