Moody's rates PTT loan A3

Moody's Investors Service said it has assigned an A3 rating to the senior unsecured loan of ¥23 billion recently extended to PTT PCL.

At the same time, Moody's has affirmed the A2 long-term local currency issuer rating of PTT.

Moody's said the A2 rating of PTT reflects the combination of the following inputs: Baseline credit assessment of 3 (on a scale of 1 to 6, where 1 represents lowest credit risk); Baa1 local currency rating of the Thai government; high dependence, reflecting PTT's exposure to the country's economic development and the fact that most of its cash flow is generated from the domestic market; and high support, reflecting the national importance of PTT, particularly to power generation, and which translates into a high incentive for government support.

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