Bangkok--8 Dec--Moody's Investors Service
Moody's has changed to negative from stable the outlook for the A3 foreign currency issuer rating for PTT Exploration and Production Public Company Ltd ("PTTEP").
"This action follows the change in Moody's outlook to negative for Thailand's A3 foreign currency bond country ceiling, Baa1 foreign currency deposit ceiling, and Baa1 foreign and local currency government ratings," says Tony Tsai, a Moody's senior vice president.
See Moody's press release of December 4, 2008, for greater discussion on sovereign issues.
At the same time, Moody's has affirmed PTTEP's A2 local currency issuer rating with a stable outlook.
Moody's last rating action on PTTEP was on December 1, 2008 when Moody's assigned A3 foreign currency issuer rating to PTTEP and affirmed the A2 local currency issuer rating with stable outlook.
The principal methodology used in rating PTTEP is 'Rating Methodology:
Global Independent Exploration and Production (E&P) Industry', which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory.
PTT Exploration and Production Public Company Limited (PTTEP) is engaged in the exploration and production of crude oil, condensate and natural gas. Established by the Petroleum Authority of Thailand (now PTT Public Company Limited) in 1985 as part of a national energy strategy, it is a listed company with PTT retaining 65.7% ownership. PTT in turn is 67.3% owned by the Kingdom of Thailand.
Singapore
Tony Tsai
Senior Vice President
Corporate Finance Group
Moody's Singapore Pte Ltd.
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Hong Kong
Gary Lau
Senior Vice President
Corporate Finance Group
Moody's Asia Pacific Ltd.
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