PTTEP's rating maintained
Moody's Investors Service today affirmed the Baa1 issuer and senior unsecured ratings of PTT Exploration and Production Plc.
The rating actions take into account PTTEP's revised 5-year investment plan as well as Moody's revision in oil price forecasts.
The rating agency assumes Brent crude price, the international benchmark, to average US$43 per barrel and $48 per barrel in 2016 and 2017 respectively. This marks a $10 per barrel and $12 per barrel reduction from its previous assumptions for 2016 and 2017 respectively.
PTTEP yesterday announced the decision to cut the capital expenditure in line with the management's commitment to conserve cash. The company now plans to spend $2.1 billion and $2.7 billion in 2016 and 2017, from its original plans of $3.4 billion and $3.8 billion respectively.
PTTEP share price today gained Bt1.75 or 3.04 per cent, closing at Bt59.25.
