The corporate credit rating on PTT Exploration&Production Public Co. Ltd. (PTTEP), a Thailand-based oil and gas exploration and production company, reflects the following strengths: Key public policy role and strategic importance to PTT and the Thai government. PTTEP plays a key role in developing Thailand's hydrocarbon reserves. The company is 66% owned by Thailand's oil and gas conglomerate, PTT Public Co. Ltd. (foreign currency BBB+/Stable/--; local currency A-/Stable/--), and it contributed about 44% of the group's EBITDA in 2006. Standard&Poor's Ratings Services believes that PTTEP is highly integrated with PTT and that both PTT and the Thai government (foreign currency BBB+/Stable/A-2; local currency A/Stable/A-1) have a strong incentive in ensuring PTTEP's financial health and viability. This
