S&P cuts PTT, units

S&P said it lowered the local-currency issuer ratings for PTT PCL and subsidiary PTT Exploration and Production PCL to BBB+ from A-. Concurrently, the agency affirmed the BBB+ foreign-currency issuer and senior unsecured notes ratings on notes they either sold or guarantee.

S&P also trimmed the long-term issuer credit rating on PTT’s subsidiaries PTT Global Chemical PCL and Thai Oil PCL to BBB from BBB+. It also lowered the long-term issue rating on the notes these companies sold or guarantee to BBB from BBB+.

“We lowered the LC rating on PTT because we believe strategic growth initiatives across the group amid weak earnings will hinder parent PTT’s ability to maintain a financial profile commensurate with a bbb+ stand-alone credit profile (SACP). We also do not expect PTT to take any significant steps to restore its financial profile in a timely manner,” the agency said in a press release.

The outlook is stable.

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