Fitch: PTT up to positive

Fitch Ratings (Thailand) Ltd. said it revised the outlook on PTT plc's national rating to positive from stable, based on the company's stronger-than-expected earnings performance due to the rising oil prices and expectations that PTT will use its surplus cash to reinforce its core business while maintaining a conservative financial profile.

At the same time, the agency has affirmed the national ratings at long-term AA+(tha) and short-term F1+(tha) and the national ratings on PTT's outstanding debentures amounting to Thai baht 34 billion at long-term AA+(tha).

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.

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