Standard&Poor's Ratings Services derives its 'BBB+' long-term corporate credit rating on PTT Exploration and Production Public Co. Ltd. (PTTEP) from: Our anchor of 'bbb+', based on our "satisfactory" business risk profile and "modest" financial risk profile assessments for PTTEP. PTTEP's 'bbb+' stand-alone credit profile (SACP) and our view of a "moderately high" likelihood that the government of Thailand would extend extraordinary support to the company in the event of financial distress. The PTT group credit profile, given our view of PTTEP's "core" status within the group. Strategic importance to the PTT group and the government of Thailand. Strong domestic position in the upstream business. Lower production and proven reserve life than peers'. Solid profitability. Dependence on the parent
