On June 26, 2006, Standard&Poor's Ratings Services affirmed its 'BBB' corporate credit rating on Thai Oil Public Co. Ltd. (Thaioil). The outlook is stable. At the same time, Standard&Poor's affirmed its 'BBB' issue rating on Thaioil's senior unsecured bonds of US$350 million. Thaioil is the leading petroleum refiner and supplier of refined petroleum products in Thailand. The company owns and operates a refinery with a nameplate capacity of 220 thousand barrels per day (kbd). It is also involved in power generation, petrochemical production, and marine transportation. The rating on Thaioil reflects its strengthening financial profile, as the company used its strong operating cash flows to reduce borrowings. For the year ended Dec. 31, 2005, Thaioil reported
