Strong domestic market position. Favorable product mix and low cost of operations. Benefits from operational integration with parent PTT. Operations in a cyclical, commoditized, and capital-intensive industry. Single site concentration. Moderate leverage. Robust cash flow generation capacity. Tapering capital outlays over the next two years. Strong liquidity. The stable outlook on Thai Oil Public Co. Ltd. reflects the outlook on the company's parent, PTT Public Co. Ltd. (PTT: BBB+/Stable/--; axA+/--). It also reflects our view that Thai Oil's position as a highly strategic member of the PTT group will not change, given the company's operational linkage with the parent and its role as the group's major complex refinery. We may lower the rating on Thai Oil in any of the
