PTTEP announced that it will acquire a 40% interest in an oil sands project in Canada. We believe PTTEP's credit profile could weaken as we anticipate the company will use debt to partially fund the acquisition. We placed our 'BBB+' rating on PTTEP on CreditWatch with negative implications. We also placed our 'BBB+' issue rating on the senior unsecured notes issued by PTTEP Australia International Finance on CreditWatch with negative implications. SINGAPORE (Standard&Poor's) Nov. 25, 2010--Standard&Poor's Ratings Services said today that it had placed its 'BBB+' corporate credit rating on Thailand-based PTT Exploration and Production Public Co. Ltd. (PTTEP) on CreditWatch with negative implications. We also placed our 'BBB+' issue rating on the senior unsecured notes
