S&P puts six Thai corporates on watch

Standard & Poor's said it placed its foreign and local currency ratings on the following six Thai corporates on CreditWatch with negative implications: Electricity Generating Authority of Thailand (foreign currency BBB+/Watch negative, local currency A-/Watch negative), PTT Public Co. Ltd. (foreign currency BBB+/Watch negative, local currency A-/Watch negative), PTT Exploration & Production Public Co. Ltd. (foreign currency BBB+/Watch negative, local currency BBB+/Watch negative), PTT Chemical Public Co. Ltd. (foreign currency BBB/Watch negative, local currency BBB/Watch negative), Thai Oil Public Co. Ltd. (foreign currency BBB/Watch negative, local currency BBB/Watch negative) and The Aromatics (Thailand) Public Co. Ltd. (foreign currency BBB/Watch negative, local currency BBB/Watch negative).

These actions come after S&P placed the foreign and local currency sovereign credit ratings on the Kingdom of Thailand on CreditWatch with negative implications (foreign currency BBB+/Watch negative/A-2, local currency A/Watch negative/A-1).

S&P added that the action on the sovereign ratings reflects the possibility of sustained deterioration in Thailand's political situation arising from the military coup, noting that this can potentially have a bearing on the credit profiles of the companies.

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