SINGAPORE (Standard&Poor's) June 30, 2005--Standard&Poor's Ratings Services said today it affirmed its 'BBB+' corporate credit rating on Thailand's PTT Exploration&Production Public Co. Ltd. (PTTEP). The outlook is stable. "The rating affirmation takes into account PTTEP's solid asset base, its strong competitive position, its adequate and improving financial profile, and its strategic importance to Thailand," said Standard&Poor's credit analyst Greg Pau. "The rating is, however, constrained by the company's heavy capital requirements, risks relating to an increasing presence overseas, and its dependence on a single customer." PTTEP, which is 66.5% owned by PTT Public Co. Ltd. (PTT; foreign currency BBB+/Stable/--; local currency A-/Stable/--), is a state-owned enterprise that participates in oil and gas
