Bangkok--8 Dec--Moody's Investors Service,
Approximately US$1.4 billion of debt securities affected
Moody's has changed to negative from stable the outlook for the A3 foreign currency issuer rating and foreign currency senior unsecured bank loan and A2 foreign currency bond rating for PTT Public Company Limited (PTT).
"This action follows the change in Moody's outlook to negative for Thailand's A3 foreign currency bond country ceiling, Baa1 foreign currency deposit ceiling, and Baa1 foreign and local currency government ratings," says Tony Tsai, a Moody's Senior Vice President.
See Moody's press release of December 4, 2008, for greater discussion on sovereign issues.
At the same time, Moody's has affirmed PTT's A2 local currency issuer rating with a stable outlook.
Moody's last rating action on PTT was taken on June 26, 2007 when Moody's assigned an A2 long-term foreign currency rating to the JPY 36 billion ten year bonds issued PTT.
The principal methodology used in rating PTT is 'Rating Methodology:
Global Integrated Oil and Gas Industry', which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory.
PTT Public Company Limited, headquartered in Bangkok, Thailand, is 51.8% directly-owned by the Ministry of Finance with a further 15.5% indirectly owned by the government. PTT is an integrated oil and gas company whose activities include i) exploration and production undertaken by its 66.65%-owned subsidiary, PTT Exploration and Production Company Limited; ii) national gas transmission and distribution; and iii) gas processing.
PTT is the leading oil marketing company in Thailand and has extensive trading operations. It also holds leading positions in Thailand's oil refining and petrochemical sectors through both majority and minority interests, primarily in listed entities.
Singapore
Tony Tsai
Senior Vice President
Corporate Finance Group
Moody's Singapore Pte Ltd.
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SUBSCRIBERS: (65) 6398-8308
Hong Kong
Gary Lau
Senior Vice President
Corporate Finance Group
Moody's Asia Pacific Ltd.
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SUBSCRIBERS: (852) 3551-3077