S&P affirms PTT

Standard & Poor's said it affirmed the BBB+ long-term corporate credit rating on PTT PCL and the BBB+ issue rating on the company's senior notes.

The outlook is stable.

"We affirmed the rating to reflect PTT's ability to generate solid cash flows," S&P analyst Andrew Wong said in a statement.

"PTT's position as the only integrated energy company in Thailand, the company's enhanced scale, and the solid demand prospects for energy in the country will support cash flows."

The rating on PTT reflects the company's bbb standalone credit profile and an extremely high likelihood of extraordinary support from the government of Thailand (foreign currency BBB+/stable/A-2; local currency A-/Stable/A-2; axAA/axA-1), the agency said.

PTT's rating reflects the consolidation of its wholly and majority-owned subsidiaries, including PTT Exploration and Production Public Co. Ltd. (BBB+/negative), the agency noted.

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