Moody’s Investors Service has affirmed the Baa1 long-term issuer and senior unsecured rating of PTT Public Company Limited (PTT), a Thai oil and gas company.
Key Takeaways
- Moody’s has affirmed PTT’s Baa1 ratings due to its strategic importance in Thailand’s energy sector and high likelihood of government support, despite weak financial profile and evolving regulatory risks.
- PTT’s adjusted retained cash flow to net debt is currently below the downgrade trigger, but the company’s prudent financial management and flexibility in deferring spending are expected to improve its credit metrics over the next year.
- PTT has excellent liquidity, with sufficient cash and cash equivalents to cover its debt maturities, capital spending, and dividend payments through December 2024.
The rating agency also affirmed the Baa1 rating on backed senior unsecured notes issued by PTT Treasury Center…
