On July 10, 2006, Standard&Poor's Ratings Services affirmed its 'BBB+' corporate credit rating on PTT Exploration&Production Public Co. Ltd. (PTTEP), an oil and gas exploration and production company based in Thailand. The outlook is stable. At the same time, Standard&Poor's affirmed its 'BBB+' issue rating on the senior unsecured bonds issued by PTTEP and PTTEP International Ltd. The rating on PTTEP reflects its key public policy role and strategic importance to PTT Public Co. Ltd. and the Thai government, its solid asset base, and adequate and improving financial risk profile. The rating on PTTEP is, however, constrained by its dependence on PTT, heavy capital requirements, and risks relating to increasing overseas presence. The rating
