Strategic importance to its parent and the Thai government Strong domestic position Solid asset base and modest financial risk profile Dependence on its parent Aggressive growth plans and related heavy capital requirements The corporate credit rating on PTT Exploration and Production Public Co. Ltd. (PTTEP) reflects the Thailand-based company's strategic importance to PTT Public Co. Ltd. (PTT; BBB+/Stable/--) and the government of Thailand (foreign currency BBB+/Stable/A-2; local currency A-/Stable/A-2; ASEAN scale axAA/axA-1). The rating also highlights the company's strong domestic position, solid asset base, and modest financial risk profile. The company's dependence on PTT for almost all its revenue, and its aggressive growth plans partly offset these strengths. PTTEP is also exposed to execution risk for the development of its
