PTTEP's modest financial risk profile and solid asset base mitigates its heavy capital expenditure requirements and risks related to its increasing overseas presence. We believe PTTEP has an important role and a strong link with the government, in addition to moderately high likelihood for extraordinary government support. We affirmed the 'BBB+' corporate credit ratings on PTTEP. The negative outlook reflects that on its parent, PTT. On Aug. 3, 2009, Standard&Poor's Ratings Services affirmed its 'BBB+' corporate credit rating on Thailand's PTT Exploration and Production Public. Co. Ltd. (PTTEP) with a negative outlook. The rating reflects our opinion of PTTEP's business risk profile as satisfactory and its financial risk profile modest. Although we view the industry risk for oil
