SINGAPORE (Standard&Poor's) Aug. 7, 2003--Standard&Poor's Ratings Services said today it affirmed its long-term local and foreign currency corporate credit ratings on Thailand's PTT Exploration and Production Public Co. Ltd. (PTTEP) at 'BBB+' and 'BBB-', respectively. The ratings reflect PTTEP's strong competitive position, solid asset base, moderate financial policy, and its strategic importance to parent PTT Public Co. Ltd. (PTT, which owns 63% of PTTEP) and the Thai government. Moreover, its long-term take-or-pay agreements with PTT (69.3% government-owned) ensure the sale of minimum contract volumes. "PTTEP's proved reserves base of 768 million barrels of oil equivalent (boe) and production of 110,000 boe per day indicate a long reserves life of 19 years, and should be bolstered when
