PTT Group's ratings unaffected: S&P
PTT Group of Companies' ratings are unaffected by the floods in Thailand despite a possible drop in operating cash flows, according to Standard & Poor's Ratings Services.
In a statement issued today from its Singapore office, the rating company said that the severe flooding in Thailand is believed to have had only a minimal effect on the companies' operating assets so far.
"But the broader impact from lower economic growth and interrupted industrial output is likely to reduce operating cash flows, at least in the second half of 2011 and potentially in 2012. The deterioration would compound the effects of an uncertain global economic outlook and potential for slower economic growth in China. These conditions have already moderated oil and petrochemical product prices and are likely to lead to weaker results in the third quarter of 2011. The ratings already factor in a weaker operating environment over the next few years," it said.
The PTT Group companies comprise PTT Plc, PTT Exploration and Production Plc, PTT Global Chemical Plc, Thai Oil Plc and IRPC Plc.
