SINGAPORE (Standard&Poor's) June 6, 2014--Standard&Poor's Ratings Services said today that it had assigned its 'BBB-' long-term issue rating to a proposed issue of 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 calculation of financial ratios. We understand PTTEP will treat the securities as equity in its financial statements. Our assessment of the equity content and issue rating are subject to our review of the final issuance documentation. The issuance of the proposed notes does not, in and of itself, affect
