PTT Exploration and Production Public Co. Ltd. Oct 10

Standard & Poors, October 2010

Abstract
Strategic importance to its parent and the Thai government Strong domestic position Solid asset base and modest financial risk profile Dependence on its parent Aggressive growth plans and related heavy capital requirements The corporate credit rating on PTT Exploration and Production Public Co. Ltd. (PTTEP) reflects the Thailand-based company's strategic importance to PTT Public Co. Ltd. (PTT; BBB+/Negative/--) and the government of Thailand (foreign currency BBB+/Negative/A-2; local currency A-/Negative/A-2; ASEAN scale axAA-/axA-1). The rating on PTTEP also highlights the company's strong domestic position, solid asset base and modest financial risk profile. These strengths are offset by the company's dependence on PTT for almost all its revenue, and its aggressive growth plans. PTTEP is also exposed to execution risk for the...

Companies mentioned in this report are: PTT Exploration and Production Public Co. Ltd.,PTT Public Co. Ltd.,Thai Oil Public Co. Ltd.,PTT Chemical Public Co. Ltd.,PTT Aromatics and Refining Public Co. Ltd. (PTTAR),IRPC Public Co. Ltd.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

PTT Exploration and Production Public Co. Ltd.,PTT Public Co. Ltd.,Thai Oil Public Co. Ltd.,PTT Chemical Public Co. Ltd.,PTT Aromatics and Refining Public Co. Ltd. (PTTAR),IRPC Public Co. Ltd.

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