Bulletin: Ratings On PTTEP Unaffected By Third-Quarter Results

SINGAPORE (Standard&Poor's) Oct. 26, 2015--Standard&Poor's Ratings Services today said that its ratings on Thailand-based oil and gas producer PTT Exploration and Production Public Co. Ltd. (PTTEP; BBB+/Stable/--; axA+/--) are unaffected by the company's nine-month results. We expect PTTEP's debt-to-EBITDA ratio to remain below 1.5x through 2017 under our revised oil price assumptions of US$50 for the rest of 2015, US$55 per barrel in 2016, and US$65 in 2017. That level is consistent with our expectation for the company's 'bbb+' stand-alone credit profile. EBITDA for the quarter fell to about US$1 billion, excluding exploration expenses, compared with about US$1.7 billion over the same period in 2014. But the company reduced capital spending and dividends to reduce cash

...SINGAPORE (Standard & Poor's) Oct. 26, 2015--Standard & Poor's Ratings Services today said that its ratings on Thailand-based oil and gas producer PTT Exploration and Production Public Co. Ltd. (PTTEP; ###+/Stable/--; axA+/--) are unaffected by the company's nine-month results. We expect PTTEP's debt-to-EBITDA ratio to remain below 1.5x through 2017 under our revised oil price assumptions of US$50 for the rest of 2015, US$55 per barrel in 2016, and US$65 in 2017. That level is consistent with our expectation for the company's '###+' stand-alone credit profile. EBITDA for the quarter fell to about US$1 billion, excluding exploration expenses, compared with about US$1.7 billion over the same period in 2014. But the company reduced capital spending and dividends to reduce cash outflows and limit the negative effects of price falls on its balance sheet. We estimate that the company's debt-to-EBITDA ratio, adjusted for asset retirement obligations, surplus cash, and hybrids, was about 0.85x...

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