Research Update: Thai Oil 'BBB' Rating Affirmed With Stable Outlook; SACP Revised Up To 'bb-' - S&P Global Ratings’ Credit Research

Research Update: Thai Oil 'BBB' Rating Affirmed With Stable Outlook; SACP Revised Up To 'bb-'

Research Update: Thai Oil 'BBB' Rating Affirmed With Stable Outlook; SACP Revised Up To 'bb-' - S&P Global Ratings’ Credit Research
Research Update: Thai Oil 'BBB' Rating Affirmed With Stable Outlook; SACP Revised Up To 'bb-'
Published Apr 24, 2024
9 pages (3928 words) — Published Apr 24, 2024
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Tapering risk on Thai Oil Public Co. Ltd.'s clean fuel project, along with improved cash flows and debt profile from a recapitalization plan, liquidity support and favorable refining conditions in the past two years, should help the company deleverage. We raised our assessment of Thai Oil's stand-alone credit profile (SACP) to 'bb-' from 'b+'. In our view, Thai Oil remains a highly strategic subsidiary of PTT Public Co. Ltd. (PTT) given their strong operational linkages. On April 25, 2024, we affirmed our 'BBB' long-term issuer credit rating on Thai Oil and the 'BBB' issue rating on the company's U.S. dollar-denominated senior unsecured notes. The stable outlook on Thai Oil mirrors that on our local currency issuer credit rating on PTT.

  
Brief Excerpt:

...- Tapering risk on Thai Oil Public Co. Ltd.'s clean fuel project, along with improved cash flows and debt profile from a recapitalization plan, liquidity support and favorable refining conditions in the past two years, should help the company deleverage. - We raised our assessment of Thai Oil's stand-alone credit profile (SACP) to '##-' from 'b+'. - In our view, Thai Oil remains a highly strategic subsidiary of PTT Public Co. Ltd. (PTT) given their strong operational linkages. - On April 25, 2024, we affirmed our '###' long-term issuer credit rating on Thai Oil and the '###' issue rating on the company's U.S. dollar-denominated senior unsecured notes. - The stable outlook on Thai Oil mirrors that on our local currency issuer credit rating on PTT. This reflects our view that the strong ties between the two companies will continue over the next two years at least....

  
Report Type:

Research Update

Ticker
TOP@TB
Issuer
Thai Oil Public Co. Ltd.
GICS
Oil & Gas Refining & Marketing (10102030)
Sector
Global Issuers
Country
Thailand
Region
Emerging Markets
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Thai Oil 'BBB' Rating Affirmed With Stable Outlook; SACP Revised Up To 'bb-'" Apr 24, 2024. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Thai-Oil-BBB-Rating-Affirmed-With-Stable-Outlook-SACP-Revised-Up-To-bb-3158121>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Thai Oil 'BBB' Rating Affirmed With Stable Outlook; SACP Revised Up To 'bb-' Apr 24, 2024. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Thai-Oil-BBB-Rating-Affirmed-With-Stable-Outlook-SACP-Revised-Up-To-bb-3158121>
  
US$ 225.00
$  £  €
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