Key public policy role and strategic importance to PTT and the Thai government. Strong domestic position. Solid asset base. Satisfactory financial risk profile. Dependence on PTT. Heavy capital requirements and risks relating to increasing overseas presence. The corporate credit rating on PTT Exploration&Production Public Co. Ltd. (PTTEP), a Thailand-based oil and gas exploration and production company, reflects the following strengths: Key public policy role and strategic importance to PTT and the Thai government. PTTEP plays a key role in developing Thailand's hydrocarbon reserves. The company is 66% owned by Thailand's oil and gas conglomerate, PTT Public Co. Ltd. (foreign currency BBB+/Stable/--; local currency A-/Stable/--), and it contributed about 44% of the group's EBITDA in 2006. Standard&Poor's
