MELBOURNE (Standard&Poor's CreditWire) June 30, 1999--Standard&Poor's today affirmed its triple-'B'-minus long-term foreign and local currency ratings and senior unsecured issue ratings on PTT Exploration and Production Public Co. Ltd. (PTTEP). The outlook on the ratings is stable. The rating on the guaranteed US$200 million issue of PTTEP International Ltd. also is affirmed at triple-'B'-minus. The company possesses below-average credit quality on a standalone basis, reflecting a solid asset base and competitive position in the oil and gas industry, offset by its dependence on domestic gas revenues, reliance on a single customer, and a moderately aggressive financial profile. PTTEP's credit quality, however, is enhanced by its key public policy role and close operational ties to the government
