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.

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