On May 26, 2005, Standard&Poor's Ratings Services assigned its 'BBB' corporate credit ratings to Thai Oil Public Co. Ltd. (Thaioil), a refinery with current capacity of 220 thousand barrels per day (kbpd) in Thailand. The outlook is stable. At the same time, Standard&Poor's assigned its 'BBB' issue rating to a proposed US$250 million 10-year senior unsecured notes to be issued by Thaioil. The rating on Thaioil reflects the following strengths: Favorable cost efficiency with flexibility in fuel selection. Thaioil's strong cost position is supported by its large-scale operations, which has continuous production and high utilization rates. With one of Thailand's most complex refineries, Thaioil has flexibility in its choice of fuel intake and is capable of
