Strong domestic market position. Low cost, integrated operations with parent PTT. Operations in a cyclical, commoditized, and capital-intensive industry. Single site concentration. Robust cash flow generation capacity. Likely elevated capital outlays from 2018. The stable outlook on Thai Oil Public Co. Ltd. reflects the outlook on the company's parent, PTT Public Co. Ltd. It also reflects our view that Thai Oil will remain a highly strategic member of the PTT group, 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 following scenarios: We revise PTT's group credit profile downward to 'bbb' or below. This could happen if: (1) we lower
