Thai Rating and Information Services (TRIS) has assigned a rating of “AAA” to the proposed issue of up to Bt10,000 million in guaranteed debentures offered by PTTEP Treasury Center (PTTEPTC).
The debentures are fully guaranteed by PTT Exploration and Production PLC (PTTEP). PTTEP is rated “AAA” by TRIS Rating. Therefore, the issue rating reflects the creditworthiness of PTTEP as the guarantor of the guaranteed debentures.
The rating on PTTEPTC’s guaranteed debentures is equal to the rating of PTTEP. Under the guarantee terms, PTTEP provides an irrevocable and unconditional guarantee to covers all amounts due under the terms of the debentures up to Bt11,250 million (112.5 per cent of face value), including the principal, plus any accrued interest, and other related expenses.
The guaranteed debentures is 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.