MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has
affirmed foreign and local currency ratings on Thailand's five PTT group
companies and has a stable outlook on them.
The ratings agency has a foreign currency rating of 'BBB+' and local
currency rating of 'A-' on PTT Public Co Ltd, 'BBB+' foreign and local currency
rating on PTT Exploration and Production Public Co Ltd, 'BBB' foreign and local
currency ratings on PTT Chemical Public Co Ltd, Thai Oil Public Co Ltd and The
Aromatics (Thailand) Public Co Ltd.
The ratings on PTT Public reflect the strategic importance of the company to
the Thai government's energy policy and the steady demand growth prospects for
energy in Thailand, while ratings on PTT Exploration and Production Public
reflect expectations that it will maintain strong domestic position and
strategic importance to PTT main in the medium to long term, the ratings agency
said.
The ratings also take into account the company's strategic position as a key
supplier of gas to Thailand's power sector.
The ratings are strongly linked to the sovereign ratings on Thailand as the
government has direct majority ownership or considerable influence in these
entities, S&P said.
The ratings on PTT Chemical, Thai Oil Public, and The Aromatics reflect
S&P's expectations that these companies will maintain their leadership position
in the domestic market, cost efficient production, and operational integration
with PTT Public, the ratings agency added.
TFN.newsdesk@thomson.com
apm/man
COPYRIGHT
Copyright AFX News Limited 2007. All rights reserved.
The copying, republication or redistribution of AFX News Content, including by
framing or similar means, is expressly prohibited without the prior written
consent of AFX News.
|