Fitch rates PTT notes AAA(tha)

Fitch Ratings said it assigned a national long-term rating of AAA(tha) to PTT PCL’s upcoming issue of up to 12 billion in Thai baht senior unsecured debentures due 2021.

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

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 dominant in the Thailand oil and gas industry, the agency said, and plays a policy role in enhancing national energy security and development.

The company’s financial profile benefits from relatively stable cash flows from its gas interests, Fitch said.

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