We believe PTTEP's growth strategy may keep debt at levels somewhat weak for the current rating in the next two years, which is contrary to what we had expected earlier. We are revising the rating outlook on PTTEP to negative from stable. We are also affirming our 'BBB+' corporate credit rating on the company and the 'BBB+' rating on the senior unsecured notes guaranteed by PTTEP. On May 11, 2012, Standard&Poor's Ratings Services revised the outlook on Thailand-based PTT Exploration and Production Public Co. Ltd. (PTTEP) to negative from stable. At the same time, Standard&Poor's affirmed its 'BBB+' long-term corporate credit rating on PTTEP. We also affirmed the 'BBB+' issue ratings on the senior unsecured notes
