(The following statement was released by the rating agency)
Apr 19 -
Summary analysis -- PTT Public Co. Ltd. --------------------------- 19-Apr-2012
CREDIT RATING: BBB+/Stable/-- Country: Thailand
Primary SIC: Oil and gas
Mult. CUSIP6: 69367C
Credit Rating History:
Local currency Foreign currency
14-Apr-2009 BBB+/-- BBB+/--
26-Aug-2004 A-/-- BBB+/--
The rating on PTT Public Co. Ltd. (PTT) reflects the company’s ‘bbb’ stand-alone credit profile and an extremely high likelihood of extraordinary support from the government of Thailand (foreign currency BBB+/Stable/A-2; local currency A-/Stable/A-2; axAA/axA-1) in the event of financial distress.
PTT’s stand-alone credit profile reflects the consolidation of its wholly- and majority-owned subsidiaries, including PTT Exploration and Production Public Co. Ltd. (BBB+/Stable/--). It also takes into account our expectation that PTT will continue to support its associate companies, PTT Global Chemical Public Co. Ltd. (BBB/Stable/--; axA), Thai Oil Public Co. Ltd. (BBB/Stable/--), and IRPC Public Co. Ltd. (BBB-/Stable/--), which are not consolidated into its accounts.