...August 27, 2020 SINGAPORE (S&P Global Ratings) Aug. 27, 2020--S&P Global Ratings today said that Thai Oil Public Co. Ltd.'s (###+/Negative/--) plan to restructure its power business will result in a more efficient ownership structure. The transaction will have a minimal effect on the company's underlying credit quality, however, with Thai Oil's weakening earnings likely eclipsing any benefits. In the proposed transaction, Thai Oil will sell a stake in Global Power Synergy Public Co. Ltd. (GPSC; ###-/Stable/---) to its parent company, PTT Public Co. Ltd. (PTT; FC: ###+/Stable/--, LC: A-/Negative/--). This will cut Thai Oil's effective ownership in GPSC to 20.8% (from 24.3%). Thai Oil will receive Thai baht (THB) 15.6 billion as a result. Thai Oil's power subsidiary, Thaioil Power Co. Ltd., will transfer all of its operations, assets, and liabilities to Thai Oil under the Energy Business Transfer plan. Thai Oil will pay about THB6 billion for PTT's 26% stake in Thaioil Power, and will settle...
