On June 30, 2005, Standard&Poor's Ratings Services affirmed its 'BBB+' corporate credit rating on PTT Exploration&Production Public Co. Ltd. (PTTEP). The outlook is stable. The rating affirmation takes into account PTTEP's solid asset base, its strong competitive position, and its adequate and improving financial profile. PTTEP's key public policy role and strategic importance to Thailand are also factored into the rating. The rating is, however, constrained by the company's heavy capital requirements, risks relating to an increasing presence overseas, and its dependence on a single customer. The ratings on PTTEP reflect the following strengths: Solid asset base. PTTEP's proved reserves of 899 million barrels of oil equivalent (boe) and production of 154,000 boe per day indicate
