Fitch Ratings announced it has revised the outlook on the long-term foreign-currency international credit ratings of the Electricity Generating Authority of Thailand, or EGAT, PTT Public Company Limited, and PTT Exploration and Production Public Company Limited, or PTTEP, to stable from negative, while affirming the long-term international credit ratings at BBB+. The outlook revision follows Fitch's revision of Thailand's long-term foreign-currency international credit rating outlook at BBB+ to stable from negative on September 18, 2026. For EGAT and PTT, Fitch assigns credit ratings equal to Thailand's sovereign rating, reflecting their standalone credit profiles at bbb+ together with government support, which Fitch assesses as certain under its criteria for rating government-related entities. PTTEP is rated at the same level as its parent, PTT, under the parent-subsidiary relationship criteria, with Fitch assessing PTT's strategic and operational incentive to support PTTEP as high and its legal incentive as low. PTTEP is PTT's only upstream business company and accounted for approximately 60% of PTT's consolidated earnings before interest, taxes, depreciation and amortization in 2025.
PTT Public Company LimitedFitch revised PTT's credit outlook to stable from negative and affirmed BBB+ rating, a valuation/credit event.
PTT Exploration and Production Public Company LimitedFitch revised PTTEP's credit outlook to stable from negative and affirmed BBB+ rating, tied to parent PTT's rating.
