S&P rates PTT, notes BBB

Standard & Poor's said it assigned a BBB long-term corporate credit rating and an axA Asean regional-scale rating to PTT Global Chemical PCL.

The agency also said it assigned BBB issue rating to its $300 million of senior unsecured notes due 2012.

PTT Global assumed the notes from PTT Aromatics and Refining PCL, the agency said.

S&P also said it assigned a BBB issue rating to PTT Global's $300 million of senior unsecured notes due 2015, which were assumed from PTT Chemical PCL.

The outlook is stable.

The ratings on PTT Aromatics and PTT Chemical were then withdrawn.

The ratings reflect the company's solid competitive position following the merger of PTT Aromatics and PTT Chemical, S&P said.

The ratings also consider its favorable cost structure, diverse operations and significant business integration with its parent, PTT PCL, the agency said. The ratings also factor expected extraordinary financial support from PTT.

Offsetting factors include PTT Global's exposure to inherent industry risk and price volatility, S&P said, and the challenging outlook for the refining and petrochemicals industry.

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