S&P rates PTT notes BBB+

Standard & Poor's said it assigned a BBB+ rating to a proposed issue of senior unsecured notes by PTT PCL.

The rating on the notes is the same as the long-term corporate credit rating on PTT.

The ratings reflect an extremely high likelihood of extraordinary support from the government of Thailand in the event of financial distress, S&P said.

PTT's business risk profile is satisfactory as the group dominates all major segments of oil and gas exploration and production; gas transmission, distribution and separation; and petrochemical and refining in Thailand, the agency said.

PTT's profitability is lower than that of other integrated national energy companies, reflecting the company's dominant marketing and trading business and the transmission-like nature of its gas business, S&P said.

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