Moody's: PTTEP outlook stable

Moody's Investors Service said it changed the outlook to stable from negative for PTT Exploration and Production Public Co. Ltd.'s A3 local-currency issuer rating and foreign-currency bond rating.

"The rating action follows Moody's decision to revise the ratings outlook to stable for PTT Public Co. Ltd. and the outlook revision to stable for Thailand's sovereign ratings," Renee Lam, a Moody's vice president, said in a statement.

"PTTEP's ratings outlook moves in tandem with the outlook change on that of its parent PTT, as its ratings incorporate an uplift based on strong likelihood of parent support in case of distress situation," Lam said.

The company's A3 rating factors in a one-notch uplift based on the likely credit support that its parent, PTT (A3/stable).

The company's standalone Baa1 rating continues to incorporate the stability afforded by its long-term gas sales contracts and its strategic role as a gas supplier to Thailand's power sector, the agency said.

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