S&P affirms five Thai companies

Standard & Poor's said it affirmed the foreign- and local-currency corporate credit ratings on five Thai companies in the PTT group and revised the outlook on two of them to stable from negative.

The companies with revised outlooks include IRPC PCL, which has BBB- ratings and a stable view; and PTT Aromatics and Refining PCL, which has BBB- ratings and a stable view. The Asean scale rating on PTT Aromatics also has been raised to axA- from axBBB+.

The companies with affirmed ratings include PTT PCL, which has BBB+ ratings with a negative outlook; PTT Chemical PCL, which has BBB ratings and a negative view; and Thai Oil PCL, which has BBB ratings and a negative view.

The outlook revision on IRPC and PTT Aromatics reflect that their credit profiles should not weaken and may improve over the next three to four years despite the weak outlook for refinery margins and petrochemical spreads, S&P said.

This is due to the companies' integrated operations and continued support from and integration with PTT, the agency said.

The credit profiles of PTT Chemical and Thai Oil will be stable over the next two to three years, S&P added.

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