Equity Content On PTTEP's Remaining Perpetual Securities Lowered To Minimal

SINGAPORE (S&P Global Ratings) July 1, 2019--S&P Global Ratings today revised its assessment of the equity content in PTT Exploration and Production Public Co. Ltd.'s (PTTEP: foreign currency BBB+/Stable/--; local currency A-/Stable/--) US$500 million outstanding perpetual securities to minimal from intermediate. This follows PTTEP's repayment of similar hybrid securities on their first call date on June 19, 2019. This revision does not affect our assessment of the company's 'bbb' stand-alone credit profile (SACP) and the rating. We believe PTTEP's management is committed to maintaining the hybrid securities as a part of the company's capital structure until the first call date in 2022. However, management's longer-term commitment to keep these hybrid instruments for loss-absorption or cash conservation is uncertain, in our

...July 1, 2019 SINGAPORE (S&P Global Ratings) July 1, 2019--S&P Global Ratings today revised its assessment of the equity content in PTT Exploration and Production Public Co. Ltd.'s (PTTEP: foreign currency ###+/Stable/--; local currency A-/Stable/--) US$500 million outstanding perpetual securities to minimal from intermediate. This follows PTTEP's repayment of similar hybrid securities on their first call date on June 19, 2019. This revision does not affect our assessment of the company's '###' stand-alone credit profile (SACP) and the rating. We believe PTTEP's management is committed to maintaining the hybrid securities as a part of the company's capital structure until the first call date in 2022. However, management's longer-term commitment to keep these hybrid instruments for loss-absorption or cash conservation is uncertain, in our view. We also consider PTTEP's decision not to replace its repaid hybrids on June 19, 2019. We previously treated half of the US$500 million hybrid securities...

News