S&P: PTTEP perpetuals BBB-

Standard & Poor's said it assigned a BBB- long-term issue rating to a proposed issue of up to $1 billion in subordinated perpetual capital securities by PTT Exploration and Production PCL (PTTEP).

The agency said it expects PTT Exploration to treat the securities as equity in its financial statements.

The issuance of the proposed notes does not, in and of itself, affect the company's corporate credit rating, S&P said. The company indicated that it will use the proceeds for general corporate purposes.

The BBB- issue rating on the securities reflects a notching down from the company's BBB+ stand-alone credit profile, the agency said. The two-notch differential between the issue rating and the stand-alone rating reflects the agency's methodology, S&P said.

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