Thaioil's low cash costs and flexibility in feedstock selection provide adequate protection from uncertain industry conditions in the next two years. We believe Thaioil's credit profile will remain adequate for the rating despite the prospect of weaker operating cash flows and higher capital expenditures. We are affirming the 'BBB' corporate credit rating and issue rating on Thaioil. The stable rating outlook factors in our expectations of weak credit metrics this year before a recovery in 2013 to levels commensurate with the rating. On Aug. 24, 2012, Standard&Poor's Ratings Services affirmed its 'BBB' long-term corporate credit rating on Thai Oil Public Co. Ltd. (Thaioil). The outlook is stable. At the same time, we also affirmed our 'BBB' issue rating
