S&P affirms PTT Exploration

Standard & Poor's said it affirmed its BBB+ corporate credit rating on PTT Exploration & Production Public Co. Ltd.

The outlook is stable.

At the same time, S&P said it affirmed its BBB+ issue rating on the senior unsecured bonds issued by the company and PTTEP International Ltd.

S&P added that the rating on PTT reflects its key public policy role and strategic importance to PTT Public Co. Ltd. and the Thai government, its solid asset base and adequate and improving financial risk profile.

The rating on PTTEP is, however, constrained by its dependence on PTT, heavy capital requirements and risks relating to increasing overseas presence, S&P said.

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