By The Nation
The affirmation reflects PTT’s standalone credit profile (SCP) of “bbb+”, which is at the same level as the sovereign’s rating (BBB+/Stable). PTT’s ratings will continue to be equalised with those of the sovereign under Fitch’s Government-Related Entities (GRE) Rating Criteria if the company’s SCP weakens, provided our assessment of PTT under the GRE criteria remains unchanged. PTT’s SCP reflects its integrated business model and strong financial position. Upstream operations remain weak, but are likely to improve over the medium term, with low financial leverage providing headroom to address depleting reserves.