Shareholders of PTTAR and PTT Chem have formalized the amalgamation of the two companies into PTT Global. We believe PTT Global has a satisfactory business risk profile and an intermediate financial risk profile. We are assigning our 'BBB' rating to PTT Global with a stable outlook and 'BBB' issue rating to the notes it assumed from PTTAR and PTT Chem. We are also assigning our 'axA' ASEAN regional scale rating to PTT Global. We are raising the corporate credit rating on PTTAR to 'BBB' and raising the ASEAN regional scale rating on PTTAR to 'axA' and affirming the rating on PTT Chem with stable outlooks before withdrawing the ratings. On Oct. 21, 2011, Standard&Poor's Ratings Services took the
