Foreign Currency: BBB/Stable/-- Local Currency: BBB/Stable/-- ASEAN Regional Scale: axA/-- Strong domestic market position as the largest refinery in Thailand. Low-cost and favorable product mix. Operational integration with and strategic importance to parent PTT. Cyclical, commoditized, and capital-intensive industry. Single-site risk. Moderate leverage and positive free operating cash flows. Strong liquidity. The stable outlook on Thai Oil Public Co. Ltd. (Thaioil) reflects the outlook on the company's parent, PTT Public Co. Ltd. (BBB+/Stable/--; axA+/--). This is because the rating on Thaioil factors in one notch of parent support, given Thaioil's strong linkage with the parent and its strategic importance as a major refinery asset for PTT. The rating on Thaioil is unlikely to be higher than PTT's 'bbb' stand-alone credit
