S&P rates PTT Exploration notes BBB+

Standard & Poor's said it assigned a BBB+ rating to the proposed issue of up to $1 billion in senior fixed-rate notes by PTTEP Australia International Finance Pty. Ltd. PTT Exploration & Production PCL will guarantee the notes.

The rating reflects the company's direct, unconditional and irrevocable guarantee. PTTEP Australia was established solely for the purpose of issuing debt securities, S&P said.

The rating is subject to review of final documents. The proceeds will be used to fund the company's exploration, development and production activities, the agency said.

The company's liquidity is strong, and S&P said it believes PTT Exploration will continue to have strong access to external funding given its market position and indirect connection to the government through its parent, PTT PCL.

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