S&P: PTTAR on positive watch; affirms PTT Chemical

Standard & Poor's said it placed the BBB- long-term corporate credit rating and axA- Asean regional scale rating on PTT Aromatics and Refining PCL (PTTAR) on CreditWatch with positive implications.

The agency also placed its BBB- issue rating on its senior unsecured bonds due 2012 on CreditWatch with positive implications.

The agency also said it affirmed its BBB long-term corporate credit rating on PTT Chemical PCL and the BBB issue rating on the company's senior unsecured notes due 2015.

The outlook is stable.

The positive watch reflects PTTAR's credit profile, which will strengthen after its proposed merger with PTT Chemical, S&P said.

The agency said it will likely assign a BBB corporate credit rating to the new company being set up to accommodate the merged businesses.

PTT Chemical's business risk profile is expected to improve after the merger. Nevertheless, the financial risk profile of PTTAR is currently weaker than that of PTT Chemical, S&P said.

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