S&P assigns PTT Exploration debt BBB-

Standard & Poor's said it assigned its BBB- long-term issue rating to a proposed issue of subordinated perpetual capital securities by PTT Exploration & Production PCL (BBB+/stable/--; axA+/--).

The agency considers the securities to have "intermediate" equity content and will therefore classify 50% of the principal as debt and 50% of the distributions as interest expenses in the calculation of financial ratios.

PTT Exploration will treat the securities as equity in its financial statements.

S&P said it arrived at the BBB- issue rating on the securities by notching down from its bbb+ stand-alone credit profile on the company.

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