Fitch affirms PTT

Fitch Ratings said it affirmed PTT PCL's long-term foreign currency issuer default rating at BBB, long-term local currency issuer default rating at A-, short-term foreign currency issuer default rating at F3, national long-term rating at AAA, national short-term rating at F1+ and the national long-term rating on its senior unsecured debentures at AAA.

The outlook is stable.

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

Nevertheless, the agency recognizes that PTT's credit profile is tempered by its vulnerability to fluctuations in commodity prices, significant budgeted capital expenditure, exposure to regulatory and political risks and some foreign exchange risk.

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