SINGAPORE (Standard&Poor's) Jan. 18, 2013--Standard&Poor's Ratings Services said today that its 'BBB' issue rating on the proposed senior unsecured notes of Thai Oil Public Co. Ltd. is unaffected by the announced size of the issuance. In addition, the issuance has not affected our ratings on the company (BBB/Stable/--; axA/--). In our view, Thai Oil's strong liquidity and positive free operating cash flows will temper the increase in leverage from the announced proposed issuance of US$1 billion in notes. We rated the notes on Jan. 9, 2013. We expect Thai Oil's financial strength to weaken in 2013 due to the proposed debt issuance and reduced operating cash flows stemming from thinner margins. However, we anticipate that Thai
