The corporate credit rating on Thailand's PTT Exploration&Production Public Co. Ltd. (PTTEP) reflects the following strengths: Strategic importance to PTT and the Thai government. PTTEP contributed about 70% to Thai oil and gas conglomerate PTT Public Co. Ltd.'s (PTT: BBB+/Negative/--) EBITDA in 2008 and is owned 65.72% by PTT. PTTEP also plays a key role in developing Thailand's hydrocarbon reserves and has strong links with the Thai government. Strong domestic position. PTTEP has a solid operating track record. Over the past five years, production growth has been robust and the company enjoys a favorable cost position. Long-term take-or-pay gas contracts with PTT ensure the sale of minimum volumes, and enable the company to maintain a strong market share.
