S&P, Moody’s assign ratings to PTTEP Treasury Centre’s hybrid securities
S&P Global Ratings on Monday assigned its ‘BB+’ long-term issue rating to two proposed subordinated perpetual capital securities to be issued by PTTEP Treasury Centre (PTTEPTC), a financing subsidiary set up by PTT Exploration and Production (PTTEP).
PTTEPTC is offering two hybrid securities in conjunction with a tender offer for the outstanding US$1-billion (Bt33.9 billion) hybrids that its listed parent company issued in 2014.
Meanwhile, Moody’s Investors Service has assigned ‘Baa3’ ratings to the two subordinated perpetual capital securities to be issued by PTTEPTC.
The hybrid securities will be fully and unconditionally guaranteed by PTTEP on a subordinated basis.
Moody’s outlook on the ratings is ‘stable’.
