Fitch rates PTT debentures AA+

Fitch Ratings (Thailand) Ltd. said it assigned national long-term ratings of AA+ to PTT PCL's upcoming 15-year unsecured and unsubordinated debentures of Thai baht 4.118 billion due August 2020.

Fitch said PTT's ratings reflect its dominance in the Thai gas and oil sector, its strategic importance and function as a policy vehicle for Thailand's energy security and development, majority state ownership and strong support, good senior management track record, as well as its solid cash flow generation.

The ratings also take into account significant budgeted capital expenditures, volatile commodity prices and forex exposure as well as regulatory and political risks, the agency said.

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