Fitch rates PTT notes AAA(tha)

Fitch Ratings said it assigned national long-term ratings of AAA(tha) to another new issuance of unsecured and unsubordinated debentures from PTT plc with an issue size of up to 5 billion in Thai baht and a maturity of up to seven years.

This follows after PTT's issue of two new five-year and seven-year unsecured and unsubordinated debentures totaling up to 10 billion in Thai baht.

The ratings reflect PTT's dominance in the gas and oil business in Thailand, as well as its strategic importance and function as a policy vehicle for the country's energy security and development, Fitch said.

The agency said PTT is likely to maintain its natural monopoly in gas transmission and distribution through its established pipeline network and its long-term lease on the gas pipeline.

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