Fitch assigns PTT Exploration first-time IDR of 'BBB+'/Stable
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Fitch Ratings has assigned Thailand’s PTT Exploration and Production Plc (PTTEP) a first-time Issuer Default Rating (IDR) of “BBB+”. The outlook is “Stable”.
The agency has also assigned thecompany a senior unsecured rating of “BBB+”.
PTTEP’s ratings are equalised with that of its parent, PTT Public Company Limited (PTT; BBB+/Stable), reflecting Fitch’s assessment of the strong operating and strategic linkages between the two companies.
Fitch assessed PTTEP’s standalone credit profile (SCP) at “bbb”, reflecting its reasonable production size, relatively low but improving reserves and strong financial profile.
