Moody's downgrades PTT

Moody's Investors Service said it downgraded to Baa1 from A3 PTT PCL's issuer and foreign-currency bond ratings.

The outlook is stable.

This concludes a review that began in November.

The downgrade reflects a weakened credit profile of PTT's major subsidiary, PTT Exploration and Production PCL and PTT's own planned investments, Moody's said.

As a result, PTT's expected profile is no longer commensurate with its previous A3 rating, the agency said.

Its business risk also is elevated by its increased focus on international operations and acquiring new businesses through acquisitions, Moody's said.

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