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Fitch Affirms Thailand's EGAT, PTT and PTTEP's IDRs at BBB+; Revises Outlook to Stable

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Fitch Ratings on Wednesday affirmed Electricity Generating Authority of Thailand (BKK:EGCO), PTT Public Company (BKK:PTT), and PTT Exploration and Production Public Company's (BKK:PTTEP) long-term foreign-currency issuer default rating at BBB+, and upgraded the outlook to stable from negative.

The Electricity Generating Authority of Thailand's rating reflects the Thai government's strong incentive and responsibility to support the state-owned power utility, while PTT Public Company's rating reflects its strategic role in Thailand's energy security and majority state ownership, Fitch said in a Wednesday release.

PTT Exploration and Production Public Company's rating is aligned with PTT Public Company's under the parent-subsidiary linkage criteria, given its strategic importance as PTT Public Company's sole upstream arm and its contribution of about 60% of PTT Public Company's consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2025, it said.

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