Fitch affirms PTT Chemical

Fitch Ratings said it affirmed PTT Chemical PCL's national long-term rating at A+(tha), national short-term rating at F1(tha), outstanding senior unsecured bonds at A+(tha) and its senior secured debentures at AA-(tha).

The outlook was revised to stable from negative.

The outlook revision reflects the company's stronger-than-expected earnings and credit metrics in 2009 and an expectation that the company will bring its leverage to below 2 times by 2011, Fitch said.

The ratings are supported by the high level of business and operational integration with PTT PCL, the agency said.

The ratings are constrained by exposure to the highly cyclical petrochemical sector, resulting in volatile margins and unpredictable cash flow generation, Fitch said.

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