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Rating Action:

Moody's assigns Baa3 ratings to PTTEP's guaranteed hybrid securities; outlook stable

26 Jun 2017

Singapore, June 26, 2017 -- Moody's Investors Service has assigned Baa3 ratings to the two subordinated perpetual capital securities ("hybrid securities") to be issued by PTTEP Treasury Center Company Limited (PTTEPTC), a wholly-owned subsidiary of PTT Exploration and Production Public Co. Ltd. (PTTEP). The hybrid securities will be fully and unconditionally guaranteed by PTTEP on a subordinated basis.

The outlook on the ratings is stable.

The two hybrid securities are being offered in conjunction with a tender offer for the $1 billion outstanding subordinated perpetual securities issued by PTTEP in 2014 ("PTTEP hybrid securities").

Participating holders will receive PTTEPTC hybrid securities in exchange for PTTEP hybrid securities. They will receive, subject to allocation by PTTEP, either of the two new instruments: 1) hybrid securities with similar terms and conditions to the existing hybrid, including distribution rates and first call date in 2019 or 2) new hybrid securities with first call date in 2022.

A portion of PTTEP hybrid securities might remain outstanding if not all holders choose to take up the offer. Effectively, Moody's expects PTTEP's total amount of hybrid securities will remain largely unchanged following this proposed transaction. Following the recent enactment of a Royal Decree under the Thai Revenue Code, Moody's expects that PTTEPTC as the issuing entity will enjoy withholding tax exemptions on distribution payments on its hybrid securities, benefiting PTTEP as a group.

RATINGS RATIONALE

"The Baa3 ratings assigned to the two hybrid securities issued by PTTEPTC is two notches below PTTEP's Baa1 issuer and senior unsecured ratings. This rating differential reflects the deeply subordinated nature of the hybrid securities, as they are senior only to common equity and rank behind PTTEP's senior debt obligations in terms of the priority of claims," says Rachel Chua, a Moody's Assistant Vice President and Analyst.

The hybrid securities are perpetual in nature and PTTEP has the option to defer distributions on a cumulative basis. The hybrid securities also have a 100 basis points step-up in distribution rate over the life of the instruments.

The lower ratings also reflect Moody's view that hybrid securities have a significantly higher loss potential rather than a materially higher default risk.

"PTTEP's Baa1 issuer and senior unsecured ratings incorporate a one-notch uplift which reflects our expectation that its parent, PTT Public Company Limited (PTT, Baa1 stable), will provide financial support in a distress situation," adds Chua, who is also Moody's lead analyst for PTTEP.

This support -- resulting from PTTEP's strategic importance to PTT -- could be provided in a way that stabilizes the credit profile of PTTEP such that it maintains its status as a going concern, and avoids the potential embarrassment of ongoing serious stress for any class of debt.

PTTEP's Baa1 ratings reflect the company's strong liquidity buffer and financial flexibility, high cash flow visibility from its long-term gas sales contracts, low cost of production and continued efforts to reduce operating and capital expenditure.

At the same time, the ratings remain constrained by PTTEP's low reserves base, decline in earnings and profitability given depressed oil prices, as well as its continued appetite for acquisitions which will further pressure free cash flow generation and de-leveraging plan.

The stable outlook reflects the strong level of support from its parent PTT as well as the expectation that PTTEP will streamline its operational and capital expenditures, as well as dividend payments to maintain its fundamental credit profile.

Given the oil price environment, a ratings upgrade is unlikely in the next two years.

Nonetheless, positive rating momentum may emerge over the longer term if (1) PTTEP successfully develops its oil and gas fields, leading to additional reserves and growth in production volumes; (2) the company generates positive free cash flow despite high investment spending; and (3) it reduces debt leverage, capex and/or shareholder returns such that adjusted debt/proved developed reserves falls below $6/barrel of oil equivalent (boe) and retained cash flow (RCF)/adjusted debt exceeds 70% on a sustained basis.

In addition, the ratings of PTTEP and PTT will be reviewed concurrently in an event of ratings pressure given the close linkages between the two companies.

Any negative pressure on Thailand's sovereign (Baa1 stable) or PTT's rating will result in negative pressure on PTTEP's ratings.

PTTEP's final ratings will be downgraded if the sovereign's rating or PTT's rating is downgraded. The ratings could be downgraded if the oil price environment were to deteriorate significantly such that oil prices fall and stay below $35 for a prolonged period of time. Negative pressure could also develop if the company continues to see a decline in hydrocarbon reserves or to make large debt-funded acquisitions, resulting in weaker credit metrics.

Credit metrics indicative of downward pressure on the ratings include RCF/adjusted debt below 25% and EBITDA/Interest below 5x.

The principal methodology used in these ratings was the Independent Exploration and Production Industry published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

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 Ltd) in 1985 as part of a national energy strategy, it is now a listed company with PTT retaining a 65.29% stake in the firm. While most of its projects are located in the Gulf of Thailand, PTTEP is increasingly investing in overseas projects in Southeast Asia, Australia, North America, Middle East and Africa. For the financial year 2016, PTTEP reported consolidated sales revenue of $4.3 billion. At end-2016, the company had total proved reserves of 695 million barrels of oil equivalent (mmboe).

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Rachel Chua
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Laura Acres
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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