Moody's gives PTT A3 foreign currency

Moody's has assigned an A3 foreign currency issuer rating to PTT Exploration and Production Public Co. Ltd.

At the same time, Moody's said it has affirmed the company's A2 local currency issuer rating.

The outlook is stable.

According to the agency, PTT's A2 rating combines its underlying credit strength of "7," which equates to an A3 rating on Moody's global-scale while it also reflects the company's one-notch rating uplift resulting from the likelihood of the PTT Public Co. Ltd. (rated A2 stable) providing credit support in a distress situation.

"PTT Exploration's underlying credit strength balances its strong cash generation, lower earnings volatility compared to other exploration & production companies, low cost structure and conservative financial leverage, against growing reinvestment risk and recycle costs," said Tony Tsai, a Moody's senior vice president and lead analyst.

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