...SINGAPORE (S&P Global Ratings) Jan. 31, 2018--S&P Global Ratings today said that its ratings on PTT Exploration and Production Public Co. Ltd. (PTTEP: ###+/Stable/--) are unaffected by the company's proposed acquisition of a further stake in the Bongkot gas field in the Gulf of Thailand. The acquisition does not change our view that PTTEP remains a core subsidiary of parent PTT Public Co. Ltd. We also believe PTTEP's '###' stand-alone credit profile (SACP) has sufficient financial headroom to absorb the cost of the acquisition given the company's sizable cash balance. In our view, PTTEP's balance sheet and credit ratios will remain solid post the proposed acquisition. PTTEP can easily absorb the US$750 million purchase price accruing to seller Royal Dutch Shell Plc. for the 22.2222% stake in Bongkot, given its almost US$4.5 billion of cash and cash equivalents as of Dec. 31, 2017. Upon closure of the transaction, PTTEP's production will also increase by about 35 thousand barrels of oil...
