Moody's today said it has placed Tenaga Nasional under review for a possible ratings upgrade due to an improved operating performance by the power giant.

The ratings agency said a review of Tenaga's Baa3 senior unsecured rating was prompted by growth in demand for electricity, lower fuel costs and decreasing capital expenditure.

Tenaga's third-quarter results showed an improving operating profile, Moody's Investors Service said in a statement.