Fitch ups PTT view to stable

Fitch Ratings said it revised the outlook on PTT PCL's long-term local-currency issuer default rating to stable from negative and affirmed the rating at A-.

The company's long-term foreign-currency issuer default rating also was affirmed at BBB, short-term foreign-currency issuer default rating at F3, national long-term rating at AAA(tha), national short-term rating at F1+(tha) and national senior unsecured rating at AAA(tha).

The outlook revision reflects a similar revision of the Kingdom of Thailand's long-term local-currency issuer default rating outlook to stable from negative, while also affirming the rating at A-.

The ratings reflect the company's standalone credit quality, which is at the same level as the sovereign rating, Fitch said.

The agency said the ties between the company and the government are strong enough to ensure that if the standalone rating were ever to be higher than the sovereign rating, PTT's ratings would be capped at the sovereign's ratings.

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