Moody's rates PTT Exploration notes Baa1

Moody's Investors Service said it assigned a provisional Baa1 rating to the proposed senior unsecured notes to be issued by PTT Exploration and Production PCL.

The outlook is stable.

The proceeds will be used for general corporate purposes, including debt repayment and future investments.

At the same time, Moody's withdrew the provisional Baa3 rating assigned to PTT Exploration's subordinated perpetual capital securities on May 16 as the issuance was not completed.

"The (P)Baa1 senior unsecured rating incorporates a one-notch uplift, based on our assumption of parental support from PTT Public Company Limited (Baa1 stable). PTTEP is strategically important to its parent, given the close business integration of the two companies," Moody's vice president and senior credit officer Simon Wong said in a news release.

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