Fitch rates PTT debt AAA(tha)

Fitch Ratings (Thailand) Ltd. said it assigned PTT PCL's upcoming 10 billion baht senior unsecured debentures due 2023 a national long-term rating of AAA(tha).

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

The notes are rated at the same level PTT's national long-term rating as they constitute direct, unsecured, unconditional and unsubordinated obligations of the company.

Fitch said PTT is a dominant player in Thailand's oil and gas industry, with its policy role of enhancing national energy security and development. It is the sole operator in gas transmission and distribution, and off-takes and resells nearly all of natural gas consumed in Thailand, which is a major fuel for the country's electricity generation.

PTT is also one of Thailand's major exploration and production companies, and a leading oil and petrochemicals company, the agency said.

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