The 'BBB-' foreign currency and 'BBB+' local currency corporate credit ratings on Thailand's PTT Exploration and Production Public Co. Ltd. (PTTEP) were affirmed on May 17, 2002. The ratings reflect the following strengths: Its solid asset base. PTTEP's proved reserve base of 768 million barrels of oil equivalent (boe) and production of 99,000 boe per day indicate a long reserve life of 21 years, compared with the global average of about 12 years. Its asset profile has improved with reduced reliance on the mature Bongkot field and higher production contributions from relatively newer fields in Thailand and Myanmar. The potential for replacing reserves over the medium- to long-term is significant, supported by domestic gas demand growth and successful exploration at
