Thaioil's favorable cost structure and flexibility in feedstock selection ensures lower cash costs and provides protection during cyclical downturns. We affirmed the 'BBB' corporate credit and issue ratings. The negative outlook reflects that on the parent as well as the challenging outlook for refinery and petrochemical industries. On Aug. 3, 2009, Standard&Poor's Ratings Services affirmed its 'BBB' long-term corporate credit rating on Thai Oil Public Co. Ltd. (Thaioil). The outlook is negative. At the same time, we also affirmed the 'BBB' issue rating on the company's US$350 million senior unsecured notes due 2015. We affirmed the ratings to reflect the support Thaioil continues to receive from its operational integration with and strategic importance to state-owned oil and gas
