S&P affirms PTT Exploration

Standard & Poor's said it affirmed its BBB+ corporate credit rating on PTT Exploration and Production Public. Co. Ltd. with a negative outlook.

The agency said that PTT Exploration's business risk profile continues to be satisfactory in its opinion.

Although S&P said it views the industry risk for oil and gas upstream companies as fair, given the high commodity price volatility, cyclicality, and capital intensity, this is somewhat mitigated by PTT's strong position in the domestic exploration and production segment as the second-largest holder of proven reserves in Thailand with a long reserve life of 12 years.

"We expect any impact from the commission findings on the oil and gas spill at Montara (Western Australia) to be limited," said credit analyst Andrew Wong.

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