SINGAPORE (Standard&Poor's CreditWire) June 25, 2001--Standard&Poor's today raised its long-term local currency corporate credit rating on PTT Exploration and Production Public Co. Ltd. (PTTEP) to triple-'B'-plus from triple-'B'-minus. The long-term foreign currency corporate credit rating remains at triple-'B'-minus, reflecting that of the sovereign, the Kingdom of Thailand (local currency rating: single-'A'-minus/Stable/'A-2'; foreign currency rating: triple-'B'-minus/Stable/'A-3'). The outlook on the long-term ratings is stable. At the same time, the ratings on PTTEP's yen 23 billion senior unsecured bonds due 2007, and the US$200 million senior unsecured notes due 2006 issued by PTTEP International Ltd and guaranteed by PTTEP, remain at triple-'B'-minus. The rating action acknowledges the improved operating profile of PTTEP as the company reduces its reliance
