SINGAPORE (Standard&Poor's) May 26, 2005--Standard&Poor's Ratings Services said today it assigned its 'BBB' corporate credit ratings to Thai Oil Public Co. Ltd. (Thaioil). The outlook is stable. At the same time, Standard&Poor's assigned its 'BBB' issue rating to a proposed US$250 million 10-year senior unsecured notes to be issued by Thaioil. "The ratings on Thaioil reflect its strong domestic market position, favorable cost efficiency, and its rapidly improving financial profile," said Standard&Poor's credit analyst Greg Pau. "Nevertheless, these strengths are offset by the inherent risk in the refining industry, Thaioil's low degree of operational integration, and its dependence on a small number of customers." Thaioil owns and operates Thailand's largest single-site complex
