Fitch upgrades PTT to BBB+

Fitch Ratings said it upgraded PTT PCL's long-term foreign-currency issuer default rating to BBB+ from BBB and its short-term foreign-currency issuer default ratings to F2 from F3.

At the same time, the agency affirmed PTT's long-term local-currency issuer default rating at A-, national long-term rating at AAA(tha) and national short-term rating at F1+(tha).

The national long-term rating on its senior unsecured debentures was affirmed at AAA(tha).

The outlook is stable.

Fitch said the upgrade of PTT's foreign currency issuer default ratings follows the upgrade of Thailand's long-term foreign currency issuer default ratings on March 8.

PTT's ratings reflect its dominant position in Thailand's oil and gas industry, its strategic importance and function as a policy vehicle for domestic energy security and development and a financial profile adequate for the current ratings, the agency said.

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