S&P reviews PTT PCL view to negative

S&P said it revised the outlook for PTT PCL’s foreign currency rating to stable from positive and local currency rating outlook to negative from stable, citing “unprecedented industry headwinds,” in a press release.

“The negative outlook on the LC rating reflects our view that it will be difficult for PTT to preserve its modest leverage. The stable outlook on the FC rating mirrors that on the sovereign credit rating on Thailand,” said S&P in a press release.

S&P affirmed the company’s A- local currency rating and BBB+ foreign currency rating.

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