NEW YORK, Jan. 8 /PRNewswire/ -- Standard & Poor's today lowered its long-term foreign currency ratings on PTT Exploration & Production Public Co. Ltd. (PTT E&P), PTTEP International Ltd., and Advanced Info Service Public Co. Ltd. These downgrades follow the same action taken today on the foreign currency ratings of the Kingdom of Thailand (see related press release). PTT E&P's rating reflects its key public policy role, its close operational ties to the government of Thailand, and its competitive position in the oil and gas industry. A negative rating outlook reflects the outlook on the Kingdom of Thailand. Ratings on Advanced Info Service continue to reflect its solid business base in Thailand for mobile telephones, and the company's satisfactory balance sheet and financial profile. A negative rating outlook reflects the outlook on the Kingdom of Thailand. In addition, Standard & Poor's double-'B' long-term foreign currency corporate credit and senior debt ratings on Total Access Communication Public Co. Ltd. remains on CreditWatch with negative implications, where it was placed Nov. 19, 1997. OUTSTANDING RATINGS LOWERED Rating To From PTT Exploration & Production Public Co. Ltd. Long-term foreign and local currency ratings BBB- BBB Y23 billion 3.35% bonds due 2007 BBB- BBB PTTEP International Ltd. US$200 million Rule 144A notes BBB- BBB Advanced Info Service Public Co. Ltd. Long-term foreign and local currency ratings BBB- BBB SOURCE Standard & Poor's CreditWire /CONTACT: Christopher H. Legge, Melbourne, 61-3-9250-4573, or Cem Karacadag, New York, 212-208-8984, both of Standard & Poor's/ /Web site: http://www.ratings.standardpoor.com/ CO: PTT Exploration & Production Public Co. Ltd.; PTTEP International Ltd.; Advanced Info Service Public Co. Ltd. ST: IN: SU: RTG
S&P LOWERS FOREIGN CURRENCY RATINGS ON THAI COMPANIES
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