Standard&Poor's said today that there would be no effect on its ratings or outlook on PTT Exploration and Production Public Co. Ltd. (PTTEP; local currency rating BBB+/Stable/--; foreign currency rating BBB-/Stable/--), following the company's announcement of strong full-year 2001 results. The results are in line with Standard&Poor's expectations. In 2001, PTTEP's sales grew by 28% to Thai Baht (THB) 27.5 billion (US$630 million) over the preceding year, while net income more than doubled to THB10.9 billion, primarily on the back of higher gas prices and sales volumes. The current high cash level of THB15.2 billion is unlikely to remain a permanent feature of the balance sheet, as PTTEP has significant capital expenditure requirements over the next
