Moody's cuts PTT Exploration

Moody's Investors Service said it downgraded PTT Exploration and Production PCL's local-currency issuer rating to A3 from A2 and affirmed its A3 foreign-currency issuer rating.

The outlook is negative, in line with the negative outlook of Thailand's sovereign rating.

The downgrade reflects an expectation that as a result of the company's substantial development and investment program, its credit metrics in the next three years would remain at levels no longer commensurate with its previous rating, Moody's said.

Its increased appetite for acquisitions also increased the company's event risk, the agency said.

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