Moody's rates PTT Exploration securities Baa3

Moody's Investors Service said it assigned a provisional Baa3 rating to the subordinated perpetual capital securities to be issued by PTT Exploration and Production PCL.

The outlook is stable.

"The (P)Baa3 rating assigned to PTTEP's hybrid debt is two notches below the senior unsecured ratings guaranteed by PTTEP of Baa1. This rating differential reflects the deeply subordinated nature of the hybrid debt as it ranks behind PTTEP's senior debt obligations in terms of the priority of claims. It also provides PTTEP with the option to defer coupons on a cumulative basis," Moody's vice president and senior analyst Simon Wong said in a news release.

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