Moody's: PTT notes Baa1

Moody's Investors Service said it assigned a provisional Baa1 rating with a stable outlook to the proposed senior unsecured fixed-rate notes to be issued by PTT PCL.

At the same time, Moody's said it affirmed PTT's issuer rating at Baa1 with a stable outlook.

"PTT group's ambitious expansion strategy for 2012-2016, which has resulted in negative free cash flow generation and a higher reliance on debt, has reduced the group's rating headroom," said Simon Wong, a Moody's vice president and senior analyst, in a news release.

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