The delay and cost overrun at Thai Oil Public Co. Ltd.?s Clean Fuel Project will weaken the company's financial standing over the next three years. The delay in the project, which is crucial to the parent PTT Public Co. Ltd., exacerbates Thai Oil's deviation from the group's risk policy, and raises doubts about the extent of group support. On Dec. 20, 2024, S&P Global Ratings placed its ?BBB? long-term issuer credit rating on Thai Oil and ?BBB? issue rating on the company's U.S. dollar-denominated senior unsecured notes on CreditWatch with negative implications. The CreditWatch placement reflects a heightened risk that we could lower our ratings by one notch or more in the absence of timely group support. PTT?s stated financial
