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 65.72% owned by Thailand's oil and gas conglomerate, PTT Public Co. Ltd. (PTT: foreign currency BBB+/Stable/--; local currency A-/Stable/--), and contributed about 45% of PTT's EBITDA in 2007. Strong domestic position. PTTEP has a solid operating track record, evident from robust production growth in the past five years and a favorable cost position. Long-term take-or-pay gas contracts with PTT ensure the sale of minimum contract volumes, contributing to
