SINGAPORE (Standard&Poor's) July 7, 2004--Standard&Poor's Ratings Services today revised its outlook on the local currency rating on Thailand's PTT Exploration&Production Public Co. Ltd. (PTTEP) to positive from stable. At the same time, Standard&Poor's affirmed the 'BBB' foreign currency and 'BBB+' local currency ratings on the company. The outlook on the foreign currency rating remains positive. Standard&Poor's views PTTEP as integrated with its parent, PTT Public Co. Ltd. (PTT; foreign currency BBB/Positive/--, local currency A-/Positive/--) and the Thai government (foreign currency BBB/Positive/A-2, local currency A/Positive/A-1), and believes that both PTT and the government have a strong incentive in ensuring PTTEP's financial health and viability. "The revision brings the outlook on PTTEP's
