Moody's cuts PTT Aromatics view to negative

Moody's Investors Service said it changed the outlook to negative from stable for the Baa2 issuer and senior unsecured bond ratings of PTT Aromatics and Refining plc.

The action reflects the company's weak results in the fourth quarter of 2008 and for full-year 2008, Moody's said, combined with concerns over continued weakness in the oil refining sector. This could lead to a sustained weakening in the company's financial profile, the agency said.

Moody's said it is concerned about the challenging operating environment in 2009 and possibly 2010, when demand for refined and petrochemical products is likely to remain weak.

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