Bangkok--20 Apr--Fitch Ratings
Fitch Ratings has today revised the Outlook on Thailand’s PTT Public Company Limited’s (PTT) Long-term local currency Issuer Default Rating (IDR) to Negative from Stable and affirmed the rating at ‘A-’. At the same time, the agency has affirmed PTT’s Long-term foreign currency IDR at ‘BBB’ with Stable Outlook and Short-term foreign currency IDR at ‘F3’. Fitch Ratings (Thailand) Limited has also affirmed PTT’s National Long-term rating at ‘AAA(tha)’ with Stable Outlook and National Short-term rating at ‘F1+(tha)’.
PTT’s Outlook revision was triggered by the agency’s Outlook revision on the Kingdom of Thailand’s Sovereign Long-term local currency IDR to Negative from Stable, while affirming the rating at ‘A-’. The agency has affirmed the kingdom’s Long-term foreign currency IDR at ‘BBB’ with Stable Outlook. For further details, please see the commentary entitled “Fitch Revises Thailand’s Local Currency Rating Outlook to Negative”, available on the agency’s subscriber website, www.fitchratings.com.
Although PTT’s Long-term local currency IDR of ‘A-’ reflects its status as a standalone credit, the rating is constrained by Thailand’s Sovereign Long-term local currency IDR. Accordingly, the revision in Thailand’s Sovereign Long-term local currency IDR Outlook directly affects the Outlook on PTT’s Long-term local currency IDR. As the National ratings are a relative measure of creditworthiness between the sovereign and other issuers within Thailand, the National rating Outlook for PTT is not affected.
Applicable criteria available on Fitch’s website at www.fitchratings.com: “Corporate Rating Methodology”, dated 24 November 2009; “Oil and Gas Sector Exploration and Production Rating Methodology”, dated 16 October 2008 and “Parent Subsidiary Rating Linkage”, dated 19 June 2007.
Fitch has made major improvements to its credit research on EMEA and AsiaPac corporates. To view these improvements, visit our 'Clear Thinking' web page at http://clearthinking.fitchratings.co.uk/Index.html
Contacts: Lertchai Kochareonrattanakul, Bangkok, +662 655 4760; Steve Durose, Sydney, +612 8256 0307; Vincent Milton, Bangkok, +662 655 4759.