Moodys Affirms PTTEPs Baa1 rating with Stable Outlook

Energy Press Releases Tuesday March 22, 2016 09:43
Bangkok--22 Mar--PTTEP
  • Moody's confirms the ratings of PTTEP at Baa1 with stable outlook, the same level as Thailand's current sovereign credit rating
  • Key rating supporters include strong liquidity profile and proactive capital management strategy

Somporn Vongvuthipornchai, President and Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), said that on 17 March 2016, Moody's Investors Service's confirmed the credit ratings of PTTEP at Baa1 with stable outlook. This came after Moody's prior announcement to place PTTEP, along with various oil and gas companies globally, on credit rating review.

Strong liquidity profile supported by large cash-on-hand and low level of borrowings as well as proactive capital management strategy were cited as main reasons for Moody's decision to maintain PTTEP's credit ratings, reflecting the company's strong financial position and effective management amidst the continued drop in oil prices.

"The confirmation of PTTEP's Baa1 rating with stable outlook by Moody's demonstrates our ability to effectively manage and adapt to the changing business environment with solid financial position, with over 3,200 million dollars of cash-on-hand, to cope with oil price volatility." said Somporn.

Current credit ratings of PTTEP are rated at BBB+ (Stable) by Standard and Poor's Rating Group (S&P), A- (Stable) by Japan Credit Rating Agency (JCR) and AAA (stable) by TRIS Rating.

Latest Press Release

GCL Produces High-Efficiency Module to Power 13 Million Homes

GCL System Integration Technology Co., LTD. (SZ: 002506) ("GCL-SI"), put its 370W+ high-efficiency modules into mass production in the third quarter this year. Mass production of the new cast mono module of GCL-SI will drive headway for the world to...

Narada Grid Scale BESS Inauguration Ceremony Held In Germany

On September 14th, an inauguration ceremony for Narada's frequency regulation energy storage PCR project phase I was held in Leipzig, Germany. The Minister Counselor of the Chinese Embassy in Germany, Wang Weidong, ALABC Product and Sustainability...

PTTEP submit bids for Bongkot and Erawan gas fields

PTTEP submits bids for Bongkot and Erawan gas fields with confidence in its competitive proposals that will deliver the continuity in natural gas supply with competitive costs, ensuring energy security and creating higher benefits to the country. Somporn...

Mobil Gives Back to Customers up to 22 Million Baht In #Buy Mobil, Free Online Cash Voucher Campaign

1 October 2018 - 31 December 2018 at participating outlets and independent workshops nationwide Esso (Thailand) Public Company Limited, supplier of the world's leading fuels and finished lubricants under the Esso and Mobil brands, is giving back to...

Dow Showcases Wire and Cable Solutions at Wire China 2018

The Dow Chemical Company's Packaging and Specialty Plastics (P&SP) business will be exhibiting at Wire China 2018 from September 26 to 29, at the Shanghai New International Expo Center (SNIEC). Themed "Making Personal Connections", the showcase will...

Related Topics