TRIS Rating Assigns “AAA” Rating to Guaranteed Debt Worth Up to THB2

TRIS Rating affirms the rating of ?AAA? on the outstanding guaranteed debentures issued by PTTEP Treasury Center Co., Ltd. (PTTEPTC) with a ?stable? outlook. At the same time, TRIS Rating assigns the rating of ?AAA? to PTTEPTC?s proposed issue of up to THB2 billion guaranteed debentures. PTTEPTC intends to use the proceeds from the new debentures as additional working capital fund. Both existing and proposed debentures are fully guaranteed by PTT Exploration and Production PLC (PTTEP), its parent company.

PTTEP is rated ?AAA? with a ?stable? outlook by TRIS Rating. The issue ratings on PTTEPTC?s guaranteed debentures reflect the creditworthiness of PTTEP as the guarantor of the debentures.

Under the guarantee terms, PTTEP provides an irrevocable and unconditional guarantee that covers all amounts due under the terms of the debentures up to THB2.25 billion (112.5% of face value), including the principal, accrued interest, and other related expenses.

The proposed guaranteed debentures are ranked pari-passu with all other present and future unsecured and unsubordinated indebtedness of PTTEP. The guarantee agreement is governed by the laws of the Kingdom of Thailand.

PTTEPTC is a wholly owned subsidiary of PTTEP. The company functions as the Treasury Center of PTTEP and its subsidiaries/affiliates. PTTEPTC manages liquidity for the PTTEP group through cash pooling and intercompany loans. PTTEPTC also sources funding for the group.

RATING OUTLOOK

The ?stable? outlook reflects the creditworthiness of the guarantor, PTTEP. TRIS Rating expects that PTTEP will be able to maintain its leading position in the exploration and production (E&P) industry in Thailand and its strong credit profile.

RATING SENSITIVITIES

The ratings on PTTEPTC?s guaranteed debentures may change if the rating on its guarantor changes.

RELATED CRITERIA

- Group Rating Methodology, 7 September 2022

- Corporate Rating Methodology, 15 July 2022

- Key Financial Ratios and Adjustments for Corporate Issuers, 11 January 2022

- Issue Rating Criteria, 15 June 2021

PTTEP Treasury Center Co., Ltd. (PTTEPTC)

Issue Ratings:

PTTEPT274A: THB5,000 million guaranteed debentures due 2027 AAA

PTTEPT294A: THB1,000 million guaranteed debentures due 2029 AAA

PTTEPT324A: THB6,000 million guaranteed debentures due 2032 AAA

Up to THB2,000 million guaranteed debentures due within 3 years AAA

Rating Outlook: Stable

TRIS Rating Co., Ltd./www.trisrating.com

Contact: santaya@trisrating.com, Tel: +66 0 2 098 3000/Silom Complex Building, 24th Floor, 191 Silom Road, Bangkok 10500, Thailand

? Copyright 2023, TRIS Rating Co., Ltd. All rights reserved. Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution or storing for subsequent use for any purpose, in whole or Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution, or storing for subsequent use for any purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person, of the credit rating reports or information is prohibited, without the prior written permission of TRIS Rating Co., Ltd. The credit rating is not a statement of fact or a recommendation to buy, sell or hold any debt instruments. It is an expression of opinion regarding credit risks for that instrument or particular company. The opinion expressed in the credit rating does not represent investment or other advice and should therefore not be construed as such. Any rating and information contained in any report written or published by TRIS Rating has been prepared without taking into account any recipient?s particular financial needs, circumstances, knowledge and objectives. Therefore, a recipient should assess the appropriateness of such information before making an investment decision based on this information. Information used for the rating has been obtained by TRIS Rating from the company and other sources believed to be reliable. Therefore, TRIS Rating does not guarantee the accuracy, adequacy, or completeness of any such information and will accept no liability for any loss or damage arising from any inaccuracy, inadequacy or incompleteness. Also, TRIS Rating is not responsible for any errors or omissions, the result obtained from, or any actions taken in reliance upon such information. All methodologies used can be found at www.trisrating.com/rating-information/rating-criteria

TRIS Rating Assigns “AAA” Rating to Guaranteed Debt Worth Up to THB2 billion of “PTTEPTC” with “Stable” Outlook