Thailand-based exploration and production company PTTEP proposes to issue subordinated perpetual capital securities. We assess the proposed securities as having intermediate equity content, under our criteria. We are assigning our 'BBB-' issue rating to the proposed securities to reflect their subordination and optional deferability. SINGAPORE (Standard&Poor's) May 16, 2013--Standard&Poor's Ratings Services said today that it had assigned its 'BBB-' long-term issue rating to a proposed issue of up to US$1 billion in subordinated perpetual capital securities by PTT Exploration and Production Public Co. Ltd. (PTTEP: BBB+/Stable/--; axA+/--). We consider the securities to have "intermediate" equity content, and will therefore classify 50% of the principal as debt and 50% of the distributions as interest expenses in our
