S&P affirms six Thai corporates

Standard & Poor's said it affirmed its foreign and local currency ratings on the following six Thai corporates and removed them from CreditWatch.

The outlook is stable.

The ratings were originally placed on CreditWatch with negative implications on Sept. 19, after a military coup in the country, the agency said.

Affected ratings include Electricity Generating Authority of Thailand (foreign currency BBB+/stable, local currency A-/stable), PTT Public Co. Ltd. (foreign currency BBB+/stable, local currency A-/stable), PTT Exploration & Production Public Co. Ltd. (foreign currency BBB+/stable, local currency BBB+/stable),

PTT Chemical Public Co. Ltd. (foreign currency BBB/stable, local currency BBB/stable), Thai Oil Public Co. Ltd. (foreign currency BBB/stable, local currency BBB/stable) and The Aromatics (Thailand) Public Co. Ltd. (foreign currency BBB/stable, local currency BBB/stable).

These actions come after S&P removed the sovereign credit ratings on Thailand from CreditWatch and affirmed them.

The agency added that the action on the sovereign ratings reflects its views that the country's credit fundamentals remain supportive of its rating and the expectation of a return to political normalcy and stability by the end of 2007, which would most likely be achieved with the election of a new government.

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