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PTT Public Co. Ltd. Oct 10
Standard & Poors, October 2010
Critical role and very strong link with the government and an extremely high likelihood of extraordinary government support Strong domestic competitive position in core business. High degree of integration Customer concentration risks Relatively weak petrochemical and refining associates Potential for mismatch in cash flows The rating on PTT Public Co. Ltd. (PTT) reflects the company's stand-alone credit profile as parent company and the extremely high likelihood of extraordinary support from the government of Thailand (foreign currency BBB+/Negative/A-2; local currency A-/Negative/A-2; ASEAN scale axAA-/axA-1). The stand-alone credit profile on PTT reflects the consolidation of wholly owned and majority-owned subsidiaries, including PTT Exploration and Production Public Co. Ltd. (BBB+/Negative/--). The stand-alone credit profile on PTT also takes into account our expectation that...
Companies mentioned in this report are: PTT Public Co. Ltd.,PTT Exploration and Production Public Co. Ltd.,Thai Oil Public Co. Ltd.,PTT Chemical Public Co. Ltd.,PTT Aromatics and Refining Public Co. Ltd. (PTTAR),IRPC Public Co. Ltd.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
PTT Public Co. Ltd.,PTT Exploration and Production Public Co. Ltd.,Thai Oil Public Co. Ltd.,PTT Chemical Public Co. Ltd.,PTT Aromatics and Refining Public Co. Ltd. (PTTAR),IRPC Public Co. Ltd.