TEXT-S&P summary: PTT Public Co. Ltd.

Thu Apr 19, 2012 4:43am EDT

(The following statement was released by the rating agency)

Apr 19 -

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Summary analysis -- PTT Public Co. Ltd. --------------------------- 19-Apr-2012

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CREDIT RATING: BBB+/Stable/-- Country: Thailand

Primary SIC: Oil and gas

exploration

services

Mult. CUSIP6: 69367C

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Credit Rating History:

Local currency Foreign currency

14-Apr-2009 BBB+/-- BBB+/--

26-Aug-2004 A-/-- BBB+/--

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Rationale

The rating on PTT Public Co. Ltd. (PTT) reflects the company's 'bbb' stand-alone credit profile and an extremely high likelihood of extraordinary support from the government of Thailand (foreign currency BBB+/Stable/A-2; local currency A-/Stable/A-2; axAA/axA-1) in the event of financial distress.

PTT's stand-alone credit profile reflects the consolidation of its wholly- and majority-owned subsidiaries, including PTT Exploration and Production Public Co. Ltd. (BBB+/Stable/--). It also takes into account our expectation that PTT will continue to support its associate companies, PTT Global Chemical Public Co. Ltd. (BBB/Stable/--; axA), Thai Oil Public Co. Ltd. (BBB/Stable/--), and IRPC Public Co. Ltd. (BBB-/Stable/--), which are not consolidated into its accounts.

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