Fitch rates PTT Exploration BBB+

Fitch Ratings said it assigned a first-time issuer default rating of BBB+ to PTT Exploration and Production PCL, along with a senior unsecured rating of BBB+.

The outlook is stable.

PTTEP's ratings are equalized with that of its parent, PTT PCL, reflecting the strong operating and strategic linkages between the two companies, Fitch said.

Fitch also said it assigned a standalone credit profile of BBB to PTTEP, reflecting its reasonable production size, relatively low but improving reserves and strong financial profile.

PTTEP sold more than 80% of its production to PTT, derived nearly 90% of its revenue from its parent and contributed about 36% of PTT's consolidated EBITDA in 2018, the agency noted.

The company also plays an important role by supporting its parent's strategic role in Thailand's oil and gas sector, Fitch said, and improving the energy security of the country.

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