Thaioil's strong liquidity and positive free operating cash flow should mitigate weaker credit metrics in the next 12-18 months. We are affirming the 'BBB' corporate credit rating and existing issue ratings on Thaioil and affirming the 'axA' ASEAN scale rating on the company. We are assigning a 'BBB' issue rating to a proposed issue of senior unsecured notes. The stable outlook reflects the outlook on PTT because the rating on Thaioil factors in strong parental linkage and support. On Jan. 9, 2013, Standard&Poor's Ratings Services affirmed its 'BBB' long-term corporate credit rating and 'axA' ASEAN regional scale rating on Thailand-based Thai Oil Public Co. Ltd. (Thaioil). The outlook on the corporate credit rating is stable. At the same
