“The ratings affirmation reflects our expectations that PTTGC will maintain its strong credit metrics over the next 12-24 months, supported by its robust operating cash flow generation of around Bt50 billion-Bt55 billion per annum,” said Rachel Chua, a Moody’s assistant vice president and analyst.

Over the next two years, the ratings firm expects PTTGC’s adjusted retained cash flow/debt will be around 30 per cent, and that its adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) interest coverage will stay above 14 times, she added.