TRIS Rating affirms the company rating on PTT Exploration and Production Public Company Limited (SET: PTTEP) and the ratings on PTTEPs senior unsecured debentures at “AAA”. TRIS Rating also affirms the rating of “AA” on PTTEP’s subordinated capital debentures. The two notches below the company rating reflect the deferability and subordinated nature of the subordinated capital debentures. Additionally, TRIS Rating maintains the stable rating outlook.
PTTEP’s ratings continue to reflect the company’s leading position in the petroleum exploration and production (E&P) industry in Thailand, its low market risk due to the long-term gas sale agreements with PTT PLC (PTT), low production cost, conservative financial policy, and strong financial profile.
The AAA rating incorporates PTTEPs stand-alone credit profile (SACP) of aaa, and our view that PTTEP is a core subsidiary of PTT.