The 'BBB+' rating on Thailand-based PTT Exploration and Production Public Co. Ltd. (PTTEP) reflects the company's 'bbb+' stand-alone credit profile, and our view of a moderately high likelihood of extraordinary support from the government of Thailand (foreign currency BBB+/Stable/A-2; local currency A-/Stable/A-2; axAA/axA-1) based on our criteria for government-related entities. Our assessment of government support considers PTTEP's: Important role as the Thai government's sole investment vehicle for undertaking exploration and production (E&P) activities and developing a long-term natural gas supply for Thailand; and Strong link with the Thai government through its parent PTT Public Co. Ltd. (PTT: BBB+/Stable/--; axA+), which in turn is 51.1%-owned by Thailand's Ministry of Finance. Strategic importance to PTT and the government of Thailand. Strong domestic
