Moody's: PTT unchanged

Moody's Investors Service said that PTT PCL's full-year results for 2011 were generally in line with expectations and have no immediate impact on the company's Baa1 issuer and bond ratings.

The outlook remains stable.

Due to buoyant oil prices, consolidated operating performance for 2011 improved over 2010, Moody's said, although there was a one-off negative impact from the floods in Thailand late in the year.

Consolidated revenue and EBITDA grew 27.9% and 23.7% from the previous year, driven by rising average selling prices for oil, natural gas, petrochemical products and coal, the agency said.

The effects of the global economic slowdown and the floods were reflected in PTT's fourth-quarter results as EBITDA fell 3.6% quarter-on-quarter, Moody's said.

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