Moody’s assigns Baa1 to PTT’s notes

Moody’s Investors Service said it assigned Baa1 ratings to the two backed senior unsecured notes to be issued by PTT Treasury Center Co. Ltd., a wholly-owned subsidiary of PTT PCL.

The notes will be fully guaranteed by the parent on an unsubordinated basis. The guarantee will rank pari passu to the unsecured and unsubordinated obligations of PTT.

The two notes are being offered in conjunction with a tender for the $298.3 million notes issued in 2005, and the $570.6 million outstanding notes issued in 2012 by PTT Public. Holders will get PTT Treasury notes in exchange for PTT notes. A portion of the PTT notes may remain outstanding unless all holders take up the offer, Moody’s said.

“PTT's Baa1 ratings reflects its strategic importance as Thailand’s national integrated oil and gas company, and incorporate a one-notch uplift resulting from our expectation of a high likelihood of extraordinary support from the Government of Thailand (Baa1 positive),” said Vikas Halan, a Moody’s senior vice president, in a news release.

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