We expect PTTEP to reduce debt over the next 12-18 months and maintain its modest financial risk profile. We affirmed the 'BBB+' rating on PTTEP and removed it from CreditWatch with negative implications. We also affirmed the 'BBB+' issue rating on the senior unsecured notes that PTTEP guarantees. The stable rating outlook reflects our expectation that PTTEP's credit profile will stabilize over the next 12 months at the 'BBB+' rating level and the company will not make another debt-financed acquisition. On Feb. 17, 2011, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term corporate credit rating on PTT Exploration and Production Public Co. Ltd. (PTTEP) and removed the rating from CreditWatch, where it was placed with negative implications on Nov.
