Moody's: PTT outlook stable

Moody's Investors Service said it revised to stable from negative the outlook on the Baa1 issuer rating of PTT Exploration and Production Public Co. Ltd. and the outlook on all debt ratings that it guarantees. It also affirmed the ratings.

The agency said the stable outlook reflects the company's much strengthened financial position following a $3 billion equity injection in late 2012 and takes into account the expected high level of support from its parent, PTT PCL (Baa1/stable) given that PTT subscribed to the company's equity issuance up to its 65.29% ownership level. The proceeds are being used to finance the acquisition of Cove Energy plc and for future capital expenditures.

The stable outlook also reflects Moody's expectation that the company will maintain a prudent financial discipline and an appropriate debt capital structure for its rating despite its large investment appetite.

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