Strong domestic market position. Integrated operations with parent PTT in a supportive environment. Operations in a cyclical, commoditized, and capital-intensive industry. Single-site exposure and geographically concentrated earnings. Robust cash flow generation capacity. Likely elevated capital outlay from 2019. 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 link 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 down to 'bbb' or below. This could
