Strategic importance to its parent and the Thai government Strong domestic position Solid profitability and cash flow-generating capability Dependence on its parent Aggressive growth plans and related heavy capital expenditure requirements The 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; axAA/axA-1). The rating also reflects PTTEP's strong domestic position and solid profitability and cash flow-generating capability. We assess the company's business risk profile as "satisfactory". 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
