Fitch: PTT notes AAA(tha)

Fitch Ratings said it assigned a national long-term rating of AAA(tha) to PTT PCL's upcoming 15 billion in Thai baht senior unsecured debentures due 2019.

The proceeds will be used to refinance debt and fund future capital expenditures.

The ratings reflect its dominance in Thailand's gas and oil industry, as well as its strategic importance and function as a policy vehicle for domestic energy security and development, Fitch said.

PTT's credit profile is tempered by its vulnerability to fluctuations in commodity prices, significant budgeted capital expenditure, sustained negative free cash flow generation and exposure to regulatory and political risks, the agency said.

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