Strong domestic market position. Favorable product mix and low cost of operations. Operationally integrated with, and highly strategic to, controlling shareholder PTT. Operates in a cyclical, commoditized, and capital-intensive industry. Geographic concentration. Sensitive to product margin cycles and fluctuating oil prices amid tough structural industry conditions and high debt. Slow deleveraging prospects due to negative discretionary cash flows. 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 will remain "highly strategic" to the PTT group, given its operational linkage with the parent and its strategic importance as the group's major complex refinery. The downgrade pressure arising from Thai
