SINGAPORE (Standard&Poor's) Feb. 27, 2012--Standard&Poor's Ratings Services said today that its rating on PTT Exploration and Production Public Co. Ltd. (PTTEP; BBB+/Stable/--) is not immediately affected by the company's proposed bid for Cove Energy PLC (unrated). We believe the proposed transaction could increase PTTEP's leverage and strain credit metrics at the current rating level if the company funds the acquisition with debt. Nevertheless, the proposal is still in a nascent stage, and we will review its effect on the rating again when we receive more clarity on the transaction and PTTEP's growth strategy. PTTEP has announced a possible offer to acquire Cove Energy. We understand the proposed offer is non-binding in nature and depends on the
