Fitch downgrades PTT

Fitch Ratings said it downgraded PTT plc's long-term foreign-currency issuer default rating to BBB from BBB+, long-term local-currency issuer default rating to A- from A and short-term foreign-currency issuer default rating to F3 from F2. PTT's national ratings and outlook remain unchanged with its national long-term rating at AAA(tha) with stable view and its national short-term rating at F1+(tha).

The outlook is revised to stable from negative.

The downgrade is triggered by the agency's downgrade of the Kingdom of Thailand's ratings, Fitch said. PTT's ratings are capped by Thailand's ratings given the state's majority ownership in PTT and because the company's main operations are concentrated in Thailand, the agency said.

As the national ratings are a relative measure of creditworthiness between the sovereign and other issuers within Thailand, Fitch said PTT's national ratings are not affected.

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