Fitch affirms PTT

Fitch Ratings said it affirmed PTT plc's national long-term rating at AA+(tha) and its national short-term rating at F1+(tha). The national long-term rating on its outstanding senior unsecured and unsubordinated debentures totaling 88.2 in Thai baht are affirmed at AA+(tha).

The outlook remains stable.

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

PTT is likely to maintain its monopoly in gas transmission and distribution (despite the transfer of some assets back to the state) through its established pipeline network and its long-term lease on the gas pipeline that will be transferred back, the agency said.

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