Moody’s rates PTT Exploration debt Baa3

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

At the same time, the agency affirmed the Baa1 issuer and senior unsecured ratings of PTT Exploration and the Baa1 ratings of its indirect wholly owned subsidiaries, PTTEP Australia International Finance Pty and PTTEP Canada International Finance Ltd.

The outlook is stable.

"The (P)Baa3 rating assigned to PTTEP's hybrid securities is two notches below PTTEP's Baa1 issuer and senior unsecured ratings. This rating differential reflects the deeply subordinated nature of the hybrid securities, as it ranks behind PTTEP's senior debt obligations in terms of the priority of claims. Under the terms and conditions of the securities, PTTEP has the option to defer coupons on a cumulative basis," Moody's vice president and senior credit officer Vikas Halan said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.