Research Update: Thai Oil Outlook Revised To Negative Due To Stress On Parent; Ratings Affirmed; SACP Lowered To 'bb-' On High Leverage - S&P Global Ratings’ Credit Research

Research Update: Thai Oil Outlook Revised To Negative Due To Stress On Parent; Ratings Affirmed; SACP Lowered To 'bb-' On High Leverage

Research Update: Thai Oil Outlook Revised To Negative Due To Stress On Parent; Ratings Affirmed; SACP Lowered To 'bb-' On High Leverage - S&P Global Ratings’ Credit Research
Research Update: Thai Oil Outlook Revised To Negative Due To Stress On Parent; Ratings Affirmed; SACP Lowered To 'bb-' On High Leverage
Published Apr 14, 2020
8 pages (3514 words) — Published Apr 14, 2020
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Thai Oil will remain a highly strategic subsidiary of PTT, given high operational integration. Unfavorable industry conditions will hinder Thai Oil's earnings over 2020-2021 while high spending on the Clean Fuel Project will keep the company's debt-to-EBITDA ratio at about 8x in the period. We lowered Thai Oil's stand-alone credit profile to 'bb-' from 'bb'. On April 14, 2020, S&P Global Ratings revised its outlook on Thai Oil to negative from stable. We affirmed the 'BBB+' long-term issuer credit rating on the Thailand-based refinery. We also affirmed our 'BBB+' issue rating on senior unsecured notes Thai Oil issued or guaranteed. The negative outlook mirrors that of the local currency rating on PTT and reflects mounting pressure on PTT's creditworthiness, given

  
Brief Excerpt:

...- Thai Oil will remain a highly strategic subsidiary of PTT, given high operational integration. - Unfavorable industry conditions will hinder Thai Oil's earnings over 2020-2021 while high spending on the Clean Fuel Project will keep the company's debt-to-EBITDA ratio at about 8x in the period. We lowered Thai Oil's stand-alone credit profile to '##-' from '##'. - On April 14, 2020, S&P Global Ratings revised its outlook on Thai Oil to negative from stable. We affirmed the '###+' long-term issuer credit rating on the Thailand-based refinery. We also affirmed our '###+' issue rating on senior unsecured notes Thai Oil issued or guaranteed. - The negative outlook mirrors that of the local currency rating on PTT and reflects mounting pressure on PTT's creditworthiness, given unsupportive industry conditions....

  
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 Outlook Revised To Negative Due To Stress On Parent; Ratings Affirmed; SACP Lowered To 'bb-' On High Leverage" Apr 14, 2020. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Thai-Oil-Outlook-Revised-To-Negative-Due-To-Stress-On-Parent-Ratings-Affirmed-SACP-Lowered-To-bb-On-High-Leverage-2412337>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Thai Oil Outlook Revised To Negative Due To Stress On Parent; Ratings Affirmed; SACP Lowered To 'bb-' On High Leverage Apr 14, 2020. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Thai-Oil-Outlook-Revised-To-Negative-Due-To-Stress-On-Parent-Ratings-Affirmed-SACP-Lowered-To-bb-On-High-Leverage-2412337>
  
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