Fitch rates PTT debentures

Fitch Ratings (Thailand) Ltd. said it assigned national long-term ratings of AA+(tha) to Thailand's PTT Public Co. Ltd.'s eight-year, 12-year and 15-year unsecured and unsubordinated debentures of Thai baht 15.0 billion, THB3.0 billion and THB1.0 billion due May 2012, May 2016 and May 2019, respectively.

The outlook is stable.

Fitch said the ratings reflect PTT's dominance of the gas and oil business in Thailand, its strategic importance and its function as a policy vehicle for Thailand's energy security and development. They also take into account its strong government ownership and support, and good track record of its senior management team.

Fitch noted the ratings also take into account the company's significant planned capital expenditure, commodity price and foreign exchange exposure, regulatory and political risks.

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