S&P upgrades PTT, Thai Oil

S&P said it raised the long-term issuer credit ratings to BBB+ from BBB on PTT Global Chemical PCL and Thai Oil PCL.

The outlook is stable.

The agency also said it raised the local-currency issuer credit rating on PTT Exploration and Production PCL to A- from BBB+ with a stable outlook and affirmed the BBB+ foreign-currency issuer credit rating on the company.

S&P also said it raised the foreign-currency issue ratings on dollar-denominated notes issued or guaranteed by Thai Oil and PTT Global to BBB+ from BBB.

The agency also said it raised the local-currency issue rating on Thai Oil to BBB+ from BBB.

S&P also said it affirmed the foreign-currency issue ratings on the various debt instruments PTT Exploration has issued or guarantees, including that on the company's perpetual notes.

The stand-alone credit profiles are unchanged at BBB for PTT Exploration and BBB- for both PTT Global and Thai Oil.

The rating actions came after S&P said it revised PTT PCL's stand-alone credit profile to BBB+ from BBB, S&P said, and raised the local-currency issuer credit rating to A- from BBB+.

This is because the agency said it perceives PTT's modest leverage as sustainable over an industry cycle.

The agency also said it sees an extremely high likelihood that the government of Thailand will provide timely and extraordinary support to the company, if needed.

The outlook is stable for both foreign- and local-currency long-term issuer ratings on PTT, S&P said.

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