S&P ups EGAT, other Thai firms

Standard & Poor's said it raised its long-term foreign currency ratings to BBB+ from BBB on Thailand's three state-owned companies - Electricity Generating Authority of Thailand (EGAT), PTT Public Co. Ltd., and PTT Exploration & Production Public Co. Ltd. (PTTEP). The outlooks on the foreign currency ratings are stable.

At the same time, the A- long-term local currency ratings on EGAT and PTT were affirmed. The BBB+ long-term local currency rating on PTTEP was also affirmed. The outlooks on the local currency ratings were revised to stable from positive.

In addition, the rating on EGAT's $300 million bonds due Oct. 14, 2008, which are partially guaranteed by the International Bank for Reconstruction and Development, was raised to A- from BBB+.

S&P said the rating actions reflect the integration of the three companies with the Thai government and follow the revision on the sovereign rating and outlook on Thailand.

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