PTTEP's recent capital raising and stronger operating cash flows over 2013 and 2014 should mitigate increased development and exploration expenditure. We are revising the rating outlook on the Thailand-based exploration and production company to stable from negative. At the same time, we are affirming the 'BBB+' long-term corporate credit rating and 'axA+' long-term ASEAN regional scale rating on PTTEP. We are also affirming the 'BBB+' issue ratings on the senior unsecured notes that the company guarantees. The stable outlook reflects our expectation that PTTEP's solid operating cash flows and more measured strategy for financing growth will maintain PTTEP's capital structure and leverage ratios over the next few years. On April 19, 2013, Standard&Poor's Ratings Services revised the rating
