We expect PTTEP to remain a core subsidiary of PTT group over the next two years, given its high strategic integration and large contribution to the group's profitability. We also forecast that the Thailand-based oil and gas producer will have steady cash flow adequacy over the same period despite lower oil prices. This underpins the company's 'bbb+' stand-alone credit profile. We are affirming our 'BBB+' long-term corporate credit rating and our 'axA+' long-term ASEAN regional scale rating on PTTEP. We are also affirming our 'BBB+' long-term issue rating on the company's senior unsecured notes and outstanding guaranteed notes, and our 'BBB-' rating on its subordinated perpetual capital securities. The stable outlook on PTTEP over the next 24 months reflects the
