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S&P affirms PTT Exploration
Standard & Poor's said it affirmed the BBB+ long-term corporate credit rating on PTT Exploration and Production PCL and removed the rating from CreditWatch, where it was placed with negative implications in November.
The agency also said it affirmed the BBB+ issue rating on the senior unsecured notes issued by PTTEP Australia International Finance Pty Ltd. and guaranteed by PTT.
The outlook is stable.
The ratings reflect an expectation that PTT's credit metrics will improve over the next 12 to 18 months, S&P said.
The company's financial risk profile will weaken in 2011, with a ratio of adjusted total debt-to-EBITDA of more than 1.5x, S&P said, due to acquisitions and capital expenditures.
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