Thai Oil's results for the first nine months of 2014 were materially weaker than we expected, and we believe the credit ratios for the full year will likely deteriorate sharply. We expect tough industry conditions to persist for the next 18 months at least, translating into a slower recovery in the company's cash flow adequacy ratios than we earlier anticipated. We are revising our stand-alone credit profile (SACP) on the Thailand-based refinery and petrochemical company to 'bb+' from 'bbb-'. At the same time, we are affirming our 'BBB' long-term corporate credit rating on Thai Oil because we continue to view the company as highly strategic to the PTT group. We are also affirming our 'BBB' long-term issue rating on the
